03 March 2023, USD/JPY
Technical observation
On the chart above USD broke above the resistance zone 134.91-134.48 and it is currently trading with an increasing bearish bias. This bearish movement is a correction to the just broken zone and I expect a rejection within it followed by a surge to the upper side. However, I recommend that you remain flat and wait for a second retracement to the zone I mentioned earlier before you pick bullish positions with your take profit at 142.45 and stop-loss at 133.08. In case of a penetration above the level 142.45 with a big green candle, I expect the value of this pair to ascend further towards the upper resistance levels 151.91.
Trade recommendation
Remain flat.
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