25 Mei 2022, USD/JPY
Technical observation
USD is trading with an increasing bearish bias as I had predicted last week, this bearish movement is a pullback to the supportive level 125.6 and I expect price to rally to the same line followed by a rejection at it to pick bullish positions with my take profit at 137.27 and stop-loss at 121.30. Further bullish movements of price can be expected if price hits the level 137.27 and clearly breaks above it. In case of a breakout below the supportive level 125.6 with a big red candle, I expect price to decline towards the 113.73-114.33 or even lower to the level 100.46. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.