15 February 2023, USD/JPY
Technical observation
USD declined to the supportive level 127.31 then bounced at it and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 138.10-137.77 and I expect a rejection within it followed by a possible surge to the lower side. My advice, remain flat and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 127.31 and stop-loss at 140.74, in case of a clear break below the level 127.31, I expect price to decline further after a pullback and a bounce at the broken line, on the chart above, I can only recommend bullish positions above the zone 138.10-137.77.
Trade recommendation
Remain neutral.
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