11 July 2022, USD/JPY
Technical observation
USD is trading with an increasing bearish bias below the resistance level 136.67, my expectation is a continuation of this downwards movement to the supportive level 131.77 followed by a rejection at it to pick long positions with my take profit at 136.67 and stop-loss at 130.16. If this take profit is hit and there is a clear break above it with a big green candle, wait for a correction to it and a bounce before you can continue long, however, should there be a clear break below the key level 131.77, I anticipate a pullback to it and a bounce followed by a momentum towards the supportive levels 127.45-127.17, 121.18 and 114.42.
Trade recommendation
Wait for a pullback to the level 131.77 to buy USD.
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