12 August 2022, USD/JPY
Technical observation
On the weekly chart above price opened red and throughout the week it has been trading with an increasing bearish bias, my expectation is a continuation of this downwards movement towards the supportive zone 126.94-126.28 followed by a bounce within it to pick long positions with my take profit at 138.53 and stop-loss at 122.04. If price clearly breaks above the level 138.53, I expect it to ascend further after a pullback to the broken line, but should there be a clear break below the zone 126.94-126.28 with a big red candle, I expect the value of USD to plunge towards the supportive level 112.73 or even lower to 100.71.
Trade recommendation
Remain flat.
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