24 February 2023, USD/JPY
Technical observation
On the 4 hour chart above price is trading with an increasing bearish bias within the resistance zone 134.91-134.48 and as long as this pair is sustained below the same zone, I expect a continuation of this downwards movement. My advice, pick short positions now within the zone indicated above with your take profit at 127.21 and stop-loss at 137.27. In case of a break below the level 127.21, I expect price to descend further after a correction to the broken line, on the other hand, in case of a penetration above the zone 134.91-134.48, I anticipate possible bullish movements of price towards the key level 142.45 or higher to 151.91.
Trade recommendation
Sell USD within 134.91-134.48 with your take profit at 127.21.
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