21 December 2022, USD/JPY
Technical observation
On the daily chart above, USD is trading below the resistance zone it established at 139.00-138.25 with an increasing bearish bias and as long as it is sustained below this zone I expect a continuation of this downwards movement. If you are currently holding short positions with the pair above, my advice is, remain in the trade with your take profit at 126.78 and stop-loss at 142.48. In case there is a clear break below the level 126.78 with a big red candle, I expect the value of this pair to plummet further towards the supportive levels 112.70 and 102.83. On the chart above, only short positions look ideal and can be recommended.
Trade recommendation
Remain short with your take profit at 126.78.
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