05 July 2022, USD/JPY
Technical observation
For several weeks USD rose steadily to the resistance level 137.02 and currently it is trading below the same level with an increasing bullish bias. I expect either a loss of this upwards movement followed by a correction to the supportive zone 126.53-125.77, or a clear break above the level 137.02 with big green candle. In case of a retracement to the zone indicated above, pick bullish positions within it after a bounce with your take profit at 137.02 and stop-loss at 122.13 and should there be a clear break above the level 137.02, wait for a correction to it before you continue long with USD. I can only recommend short positions below the zone 126.53-125.77.
Trade recommendation
Remain flat.
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