06 June 2022, USD/JPY
Technical observation
On the hourly chart above price rose up to the resistance level 130.95 but did not break above it, instead it bounced below the same line and currently it is trading with an increasing bearish bias. I expect a continuation of this bearish movement to the supportive zone 129.63-129.56 followed by a rejection within it to pick long positions with my take profit at 130.95 and stop-loss at 128.97. In case of a break above the level 130.95, remain long after a correction to the broken line. As is it is on the chart above, I can only recommend bearish positions in case of clear break below the supportive zone 129.63-129.56.
Trade recommendation
Wait for a correction to the zone 129.63-129.56 to sell USD.
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