11 April 2023, USD/JPY
Technical observation
USD is trading with an increasing bearish bias slightly below the resistance zone 134.70-134.94 and I expect a loss of this downwards movement followed by a rise to the zone I have indicated above. My advice, remain flat and wait for a correction to the zone 134.70-134.94 then sell a bounce within it with your take profit at 127.21 and stop-loss at 135.74. In case of a break below the level 127.21, I expect the price to descend further after a pullback to the broken line; on the other hand, should there be a clear break above the zone I mentioned earlier, I anticipate possible bullish movements of price towards the level 142.29 or even higher to 151.50.
Trade recommendation
Remain flat temporarily.