02 March 2023, USD/JPY
Technical observation
USD is pulling back to the resistance zone 138.25-138.92 and I expect a rejection within the same zone followed by a rally to the lower side. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 126.78 and stop-loss at 143.20. If there is a clear break below the level 126.78 with a big red candle, I expect the price to plummet further towards the supportive level 112.70 or even lower to 102.50. On the daily chart above, as long as price is sustained below the zone 138.25-138.92, I can only recommend short positions for this pair.
Trade recommendation
Remain flat.
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