12 Juli 2023, USD/JPY
Technical observation
USD has been trading with an increasing bearish bias for several days now, this downwards movement is a correction to the supportive zone 138.75-138.22 and I expect either a rejection within it or a clear break below it with a big red candle. My advice, in case of a rejection within the zone indicated above, buy USD within it with your take profit at 151.97 and stop-loss at 135.23 and should there be a clear break above the level 151.97, continue long with this pair after a correction and a bounce at the broken line. However, pick short positions towards the level 126.78 in case of a clear penetration below the zone 138.75-138.22.
Trade recommendation
Remain flat.