05 August 2022, USD/JPY
Technical observation
On the hourly chart above price pulled back to the resistance zone 134.50-134.31 but did not break above and since then it has been trading with an increasing bearish bias. As long as USD is sustained below the zone I have indicated above I expect a continuation of this downwards movement to the supportive level 130.40 and if you are currently holding short positions with the pair above, remain in the trade with your take profit at 130.40 and stop-loss at 135.78. In case of a penetration below the level 130.40 with a big red candle, I anticipate further bearish movements of price towards the supportive level 126.78.
Trade recommendation
Remain short with your take profit at 130.40
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