30 May 2022, USD/JPY
Technical observation
USD is trading with an increasing bullish momentum below the resistance zone 127.50-127.41, this upwards movement is a correction to the zone I have mentioned and I expect it to continue to the same zone then bounce within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then pick short positions within it after a bounce with your take profit at 126.35 and stop-loss at 127.96. If price breaks below the level 126.35, I expected a correction to it and a bounce followed by further bearish movements towards the supportive level 124.76. As long as price is sustained below the zone 127.50-127.41 I can only recommend short positions.
Trade recommendation
Remain flat temporarily.
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