16 June 2022, USD/JPY
Technical observation
Yesterday price declined with a big red candle below the level 135.47 and today I expect a continuation of this bearish movement to the supportive zone 126.78-126.34 followed by a rejection within it to re-buy USD with my take profit at 135.47 and stop-loss at 123.88. In case of a clear break above the level 135.47, I expect price to ascend further after a correction to the broken line, however, should there be a clear break below the zone mentioned above, I anticipate a correction and a rejection within it followed by a rally to the lower side. On your way downwards the key levels to look for include 119.22, the zone 113.02-112.67 and the key level 104.97.
Trade recommendation
Remain neutral.
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