06 May 2022, USD/JPY
Technical observation
USD rose up to the resistance level 131.24 but could not break above it, instead it bounced at the line and for some time it rallied to the lower side. I still expect a further surge to the supportive zone 127.53-127.17 followed by a rejection within it to pick long positions with my take profit at 131.24 and stop-loss at 125.66. In case of a clear break above the level 131.24 with a big green candle, I expect further bullish momentum after a correction to the broken level and a bounce at it. However, if price clearly breaks below the zone mentioned above, I expect it to plummet towards the supportive level 122.33 or even lower to the level 118.48.
Trade recommendation
Remain flat.
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