20 May 2022, USD/JPY
Technical observation
Last week USD declined with a big red candle and since the beginning of this week price is trading with an increasing bearish bias. My expectation is a surge to the supportive level 125.60 followed by a rejection within it pick long positions with my take profit at 137.27 and stop loss at 122.24. You can expect further upwards movements of price in case of a clear break above the level 137.27. On the other hand, should there be a clear break below the level 125.60, I expect a correction of price to the broken line and a bounce at it followed by a rally to the level 100.46, or even lower to the key levels; 90.21 and 75.48.
Trade recommendation
Remain flat.
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