16 November 2023, USD/JPY
Technical observation
USD has been trading with an increasing bearish bias since it bounced at the resistance level 151.95 and today, I expect it to plunge even further. The expected bearish movement of price is a correction to the supportive zone 137.45-138.04 and I expect a decline to this zone followed by either a clear break below it with a big red candle, or a rejection of price within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then re-buy a bounce within it with your take profit at 151.95 and stop-loss at 135.19. If there is a clear break below the zone 137.45-138.04, you can short USD towards 127.23.
Trade recommendation
Remain neutral.
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