30 May 2023, USD/JPY
Technical observation
USD rose above the resistance zone 138.67-137.90 and it is currently trading with an increasing bullish bias, however, I expect a loss of this upwards movement followed by a correction to the zone indicated above and a rejection within it. Right now, I recommend that you wait for a second retracement to the zone I have indicated above before you pick bullish positions with your take profit at 151.97 and stop-loss at 134.42, if the price breaks above the level 151.97, I expect it to ascend further after a pullback to the broken line, on the other hand, if USD is not sustained above the zone 138.67-137.90, I expect it to plunge towards 126.78.
Trade recommendation
Remain neutral.
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