02 June 2022, USD/JPY
Technical observation
On the hourly chart above price rose and broke above the zone 129.52-129.58 with a big green candle, it then rose further upwards and currently it is trading with an increasing bearish bias above the broken zone. I expect a correction to the just broken zone and a rejection within followed by a surge to the upper side; however, I would advise that you wait for a second retracement to the same zone before you pick long positions. Should there be a clear breach above the level 131.2, wait for a correction to it before you continue long with this pair. As long as USD is sustained above the zone 129.52-129.58 I can only recommend bullish positions.
Trade recommendation
Wait for a correction to the zone 129.52-129.58 to sell USD.
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