29 April 2022, USD/JPY
Technical observation
On the hourly chart above, yesterday price rose as I had anticipated and hit my take profit at 129.31 then broke above it with a big green candle before surging further upwards to the level 131.24 where it faced rejected and for some time now the value of the pair above has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive level 129.31 and I expect it to decline to the same level followed by a rejection at it to pick long positions with my take profit at 131.24 and stop-loss at 128.66. In case of a penetration above the level 131.24, I expect a further rally in price to the upper side.
Trade recommendation
Remain flat.
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