17 Juni 2022, USD/JPY
Technical observation
USD is trading with an increasing bearish bias below the key level 135.47 and today I expect a further rally towards the supportive zone 126.78-126.34. Right now as it is on the chart above, I would advise that you remain flat and wait for a correction to the zone i mentioned earlier then pick bullish positions within it with your take profit at 135.47 and stop-loss at 123.82. Continue long after a clear break above the level 135.47 with a big green candle, however, in case of a penetration below the zone I mentioned above, I expect possible bearish movements of price towards the supportive level 119.22 or even lower to the zone 113.01-112.87.
Trade recommendation
Remain neutral.