26 October 2022, USD/JPY
Technical observation
USD rose up to the resistance level 151.92 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 145.86-145.53 and I expect either a rejection of price within it or a clear break below it with a big red candle. My advice, wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 151.92 and stop-loss at 143.50, and if there is a clear break below the zone 145.86-145.53 you can expect the value of USD to plunge towards the supportive levels 140.66, 135.78 and 130.39 after a correction and a rejection within the zone.
Trade recommendation
Remain neutral temporarily.
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