12 Mei 2022, USD/JPY
Technical observation
On the hourly chart above, USD retraced to the supportive zone it established at 129.55-129.45 but could not break below it and as long as it is sustained above the same zone, I expect it to surge to the upper side. If you picked long positions within the zone I mentioned above after a bounce, remain long with your take profit at 130.82 and stop loss at 128.90, and should there be a clear break above the level 130.82, I expect it to rally further upwards after a correction to the broken line. However, in case of a clear penetration below the zone 129.55-129.45, I expect price to surge towards the supportive level 127.64.
Trade recommendation
Remain long with your take profit at 130.82.
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