27 October 2022, USD/JPY
Technical observation
USD broke above the level 130.75, it then retraced to it before rising to the resistance level 148.67 where it was rejected and since then it has been trading with an increasing bearish bias; this bearish movement is a pullback to the supportive level 130.75 and I expect a possible rejection of price at it. My advice, remain flat and wait for a correction to the level 130.75 then buy USD at it after a bounce with your take profit at 148.67 and stop-loss at 123.94. A further surge to the upper side can be expected in case of a clear break above the level 148.67; on the other hand, I anticipate a momentum to the lower side in case of a break below the level 130.75.
Trade recommendation
Remain flat.
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