24 March 2023, USD/JPY
Technical observation
USD has been trading with an increasing bearish bias for the past three consecutive weeks and this week it rallied further to the lower side. In the coming week I anticipate a further surge towards the supportive zone 126.23-126.25 followed by a rejection within it. My advice, remain flat and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 152.01 and stop-loss at 119.17. If price breaks above the level 152.01, I expect it to ascend further after a correction to the broken line; however, in case of a break below the zone 126.23-126.25, I anticipate bearish movements towards the level 101.17.
Trade recommendation
Wait for a correction to the zone 126.23-126.25 to buy USD.
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