20 April 2023, USD/JPY
Technical observation
On the chart above, USD is retracing to a resistance zone 138.67-137.90 and I expect a rejection within the same zone followed by bearish movements of price, my advice, wait for a correction to the zone indicated above then pick short positions within it after a bounce, with your take profit at 126.78 and stop-loss at 142.53. If there is clear break below the level 126.78 with a big red candle, I expect the price to descend further, and on your way downwards the key levels to look for include, 112.70 and 102.50. Should the price break above the zone 138.67-137.90, I anticipate possible bullish movements towards the key level 151.97.
Trade recommendation
Remain neutral.
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