04 Mei 2022, USD/JPY
Technical observation
USD rose up to the resistance level 131.30 then bounced below it and for some time now it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone price established at 127.51-127.23 and I expect a further surge to the same zone followed by a rejection within it to pick long positions with my take profit at 131.30 and stop-loss at 125.24. As long as price is sustained above the zone I mentioned earlier, I expect bullish movements of price, on the other hand, in case of a break below the same zone, I expect price to plummet towards the supportive level 121.49, or even lower to 117.69.
Trade recommendation
Remain neutral.
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