20 July 2022, USD/JPY
Technical observation
On the 4 hour chart above price is trading with an increasing bearish bias between a supportive zone 136.80-136.80 and a resistance level 139.35, I expect a continuation of this bearish movement to the zone mentioned above followed by a rejection within it to pick long positions with my take profit at 139.35 and stop-loss at 135.75. As long as the value of USD is sustained above the zone 136.80-136.80, I can only recommend long positions, but if there is a clear break below the same zone with a big red candle, I expect bearish movements of price towards the supportive level 131.77 or even lower to the key levels 126.62 and 121.27.
Trade recommendation
Remain neutral.
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