20 December 2022, USD/JPY
Technical observation
On the chart above, price pulled back to a supportive zone 134.17-133.9 and it is currently trading within it with an increasing bearish bias. This is the second retracement to the zone indicated above and I expect a possible ejection of price within it to pick bullish positions with my take profit at 152.01 and stop-loss at 125.11. In case of a clear break above the level 152.01, I expect the value of USD to ascend further after a correction to the broken line, on the other hand in case of a clear break below the zone 134.17-133.09; I expect the value of this pair to plummet towards the supportive levels 103.31 and 76.33.
Trade recommendation
Buy USD now within the zone 134.17-133.9 with your take profit at 152.01.
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