17 August 2022, USD/JPY
Technical observation
USD is trading with an increasing bullish bias between a supportive zone 126.94-126.28 and a resistance level 138.52. However, I expect a loss of this bullish momentum followed by a correction to the zone I have stated above and a rejection of price within it. My advice, remain neutral and wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 138.52 and stop-loss at 121.23. In case of a clear break above the level 138.52, I expect the value of USD to rise further, however, should there be a clear break below the zone 126.94-126.28, I expect USD to plunge towards the level 112.73.
Trade recommendation
Wait for a correction to the zone 126.94-126.28 to buy USD.
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