we are flat | 07 October 2022
07 October 2022, USD/JPY
Technical observation
On the 4 hour chart above price is trading with an increasing bullish bias at the resistance level 145.06 and my expectation is either a clear break above this level with a big green candle, or a rejection of price at it followed by a correction to the supportive zone price established at 140.66-140.33. If there is a clear break above the level 145.06, wait for a correction and a rejection of price at it before you continue long with USD, on the other hand, in case of a retracement to the zone I have mentioned above, re-buy this pair within it after a bounce with your take profit still at 145.06 and stop-loss at 138.47.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
