08 June 2023, USD/JPY
Technical observation
USD rose above the zone 138.75-137.90 and it is currently trading with an increasing bullish bias above the same zone. Today I expect a loss of this upwards movement followed by a pullback to the zone indicated above, however, I recommend that you wait for a second correction to the supportive zone 138.75-137.90 before you pick bullish positions with your take profit at 151.97 and stop-loss at 135.25. On the chart above, as long as the price is sustained above the zone 138.75-137.90, only bullish positions look ideal and can be recommended, if the price penetrates below the zone 138.75-137.90, you can expect it to plunge towards 126.78.
Trade recommendation
Remain flat.
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