01 December 2022, USD/JPY
Technical observation
On the daily chart above price declined below the supportive zone 139.08-138.25 and it is currently trading below the same zone with an increasing bearish bias. My expectation is a loss of this downwards movement followed by a correction to the just broken zone and a bounce within it and I recommend that you remain neutral and wait for a second correction to the zone I have mentioned above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.54. In case of a clear penetration below the level 126.78, you can expect the value of USD to plummet further towards the lower supportive levels 112.70 and 102.83.
Trade recommendation
Remain flat.
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