07 July 2022, USD/JPY
Technical observation
USD is trading with an increasing bullish bias between the supportive zone (134.46-134.31) and a resistance level 136.65. My expectation is a loss of this upwards movement followed by a correction to the zone mentioned above and a rejection within to pick long positions with my take profit at 136.65 and stop-loss at 133.54. In case of a clear beak above the level 136.65, continue long after a pullback to the broken line and a bounce at it. On the other hand, if price clearly breaks below the zone 134.46-134.31 with a big red candle, I expect the value of USD to plunge towards the supportive level 131.50 or even lower to 128.46.
Trade recommendation
Wait for a pullback to the zone 134.46-134.31 to buy USD.
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