23 Maret 2023, USD/JPY
Technical observation
Since it bounced within the zone 138.67-137.90 USD has been trading with an increasing bearish bias and expect a continuation of this downwards movement to the supportive level 126.78 followed by a possible break below it. If you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 126.78 and stop-loss at. Should there be a penetration below the level 126.78, I expect the value of USD to plummet further and I recommend that you wait for a pullback to the broken line before you continue short towards the supportive levels 112.70 and 102.50.
Trade recommendation
Remain short with your take profit at 126.78.