07 December 2022, USD/JPY
Technical observation
USD retraced to the level 137.05 for a second time and it is currently trading with an increasing bullish at it. I expect a loss of this upwards movement at the same level followed by a rally to the lower side, and my advice is; pick short positions now at 137.05 with your take profit at 130.39 and stop-loss at 139.35. If there is clear break below the level 130.39 with a big red candle, you can expect the value of this pair to plummet further to the lower side after a correction to the broken line; however, in case of a breakout above the level 137.05, you can anticipate bullish movements of price towards the resistance zone 142.49-142.06.
Trade recommendation
Sell USD now at 137.05 with your take profit at 130.39.
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