17 May 2023, USD/JPY
Technical observation
The pair on the chart above is trading with an increasing bullish bias below the resistance zone 138.67-137.90 and I expect a rise to the same zone followed by a rejection of price within it. My advice, remain neutral and wait for a retracement to the zone I have indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.42. In case of a penetration below the level 126.78 with a big red candle, wait for a pullback and a bounce at it before you continue short with this pair towards the levels 112.70 and 102.50. On the chart above, I can only recommend bullish positions above the zone 138.67-137.90.
Trade recommendation
Remain neutral.
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