09 February 2023, USD/JPY
Technical observation
USD retraced to the resistance level 132.80 but did not break above it, instead it bounced at the same level and it is currently trading with an increasing bearish bias. As long as price is sustained below the level 132.80, I expect a continuation of this downwards movement and in case you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 127.31 and stop-loss at 134.40. In case of a break below the level 127.31, you can expect the value of USD to plummet further to the lower side after a correction to the broken line. On the chart above, I can only recommend bullish positions above the level 132.80.
Trade recommendation
Remain short with your take profit at 127.31.
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