19 August 2022, USD/JPY
Technical observation
On the hourly chart above, price rose above the resistance zone 135.59-135.47 with a big green candle and it is currently trading above the same zone with an increasing bullish bias. However, I expect a loss of this upwards movement followed by a correction to the zone I have mentioned above and a bounce at it and my advice is, remain flat and wait for a correction to the zone 135.59-135.47 then buy a bounce within it with your take profit at 137.95 and stop-loss at 134.79. In case of a clear break above the level 137.95 with a big green candle, I expect price to rise further towards the resistance level 139.37. I can only recommend bearish positions below the zone 135.59-135.47.
Trade recommendation
Wait for a second correction to the zone 135.59-135.47 to buy USD.
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