29 July 2022, USD/JPY
Technical observation
USD retraced to the supportive 134.55-134.28 as I had predicted but could not break below it, instead it bounced within the same zone and it is currently trading with an increasing bullish bias. My expectation is a continuation of this upwards movement to the resistance level 139.14 followed by either a clear break above it with a big green candle or a rejection of price at it. If you picked long positions within the zone mentioned above, remain in the trade with your take profit at 139.14 and stop-loss at 132.81. Should there be a clear break below the zone 134.55-134.28, I expect the value of USD to plummet towards 126.51.
Trade recommendation
Remain long with your take profit at 139.14.
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