Wait | 05 May 2022
05 May 2022, USD/JPY
Technical observation
Yesterday USD descended below a supportive level 129.33 with a big red candle and currently it is trading with an increasing bullish momentum below the same level. I expect a continuation of this upwards movement to the level I have mentioned above followed by a rejection at it to pick short positions with my take profit at 127.79 and stop-loss at 129.68. As long as price is sustained below the level 129.33 I expect it to rally to the lower side, a further surge to the lower supportive level 126.30 can be expected in case of a clear break below the zone 127.79-127.64. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
