27 May 2022, USD/JPY
Technical observation
USD pulled back to the resistance zone 127.50-127.41 but could not break above it, instead price bounced below the zone and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 126.35 followed by either a clear break below it with a big red candle, or a rejection of price at it followed by another correction to the zone I mentioned earlier. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 126.35 and stop-loss at 127.96. I can only recommend bullish positions above the zone 127.50-127.41.
Trade recommendation
Remain short with your take profit at 126.35.
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