04 August 2022, USD/JPY
Technical observation
USD declined to the supportive level 130.90-130-70 but could not break below it, however it bounced at the same zone and it is currently trading with an increasing bullish bias. This upwards movement is a correction to the 134.60 and I expect a rise to the same level followed by a rejection at it to pick short positions with my take profit at 130.90 and stop-loss at 135.99. If price breaks below the zone 130.90-130-70 with a big red candle, I expect surge to the lower side after a pullback to the broken zone. On your way downwards the key levels to look for include, 126.25, 121.15 and the lower supportive level 16.20.
Trade recommendation
Remain flat.
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