21 July 2022, USD/JPY
Technical observation
USD has been rising steadily for several weeks now and currently it is trading with an increasing bullish bias below the resistance level 138.81 and I expect either a loss of this upwards movement at the same level or a clear break above it with a big green candle. If there is a bounce at the line, wait for a pullback to the supportive level price previously established at 127.03 to pick long positions with your take profit at the level 138.81 and stop-loss at 122.54. In case of a break above the level 138.81 with a big green candle, wait for a correction to it before you continue long with USD. I can only recommend short positions in case of a break below 127.03.
Trade recommendation
Remain flat.
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