24 May 2022, USD/JPY
Technical observation
USD retraced to the resistance zone it established at 128.01-127.93 but could not break above it, instead price bounced below the same zone and since then it has been trading with an increasing bearish bias. As long as the value of the pair above is sustained below the zone I have indicated above, I expect it to plummet towards the supportive level 126.24 followed by either a clear break below it or a bounce at it. My advice, if you are currently holding short positions with the pair above, remain in the trade with your take profit at 126.24 and stop loss at 128.58. Continue short towards the level 124.20 in case of a break below the level 126.24.
Trade recommendation
Remain short with your take profit at 126.24.
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