03 August 2022, USD/JPY
Technical observation
For the past two consecutive weeks USD has been trading with an increasing bearish bias and this week I expect a continuation of this downwards movement towards the supportive level 127.01.My advice, remain flat and wait for a correction to the level I have mentioned above then buy a bounce at it with your take profit at 139.32 and stop-loss at 122.03, a further surge to the upper side can be expected in case of a clear break above the level 139.32, on the other hand, if there is a clear break below the line 127.01, I expect bearish movements of price towards the supportive zone 114.78-114.19 or even lower to 101.15.
Trade recommendation
Remain flat.
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