26 May 2022, USD/JPY
Technical observation
USD was not sustained above the zone 127.50-127.17 but instead broke below it with a big red candle. Price then retraced to the broken zone, was sustained below it, and currently it is trading with an increasing bearish bias. As long as the value of the pair above is contained below the zone i have indicated above, I can only recommend short positions for this pair. My advice, wait for a second correction to the zone 127.50-127.17 to sell USD with your take profit at 124.75 and stop-loss at 128.36. On your way downwards the key levels to look for include 124.75, 121.55 and the lower supportive level 117.71.
Trade recommendation
Wait for a second retracement to the zone 127.50-127.17 to sell USD.
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