11 August 2022, USD/JPY
Technical observation
On the daily chart above price is trading with an increasing bearish bias between the supportive zone 127.25-126.67 and the resistance level 139.36. This bearish movement is a correction to the zone I have mentioned above and I expect it to descend further to same zone followed by a bounce within it. My advice, remain neutral and wait for a pullback to the zone indicated above to buy USD with your take profit at 139.36 and stop-loss at 123 .44. If price breaks above the level 139.36, I expect it to rally further to the upper side after a correction to the broken line. I can only recommend short positions in case of a break below the zone 127.25-126.67.
Trade recommendation
Remain neutral.
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