16 August 2022, USD/JPY
Technical observation
USD is trading with an increasing bearish bias between a supportive zone 127.26-126.67 and a resistance level 139.36, I expect a continuation of this bearish movement to the zone mentioned above followed by a rejection within it to pick long positions with my take profit at 139.36 and stop-loss at 123.81. If there is a clear break above the level 139.36 with a big red candle, I anticipate a further surge to the upper side after a correction to the broken line, however, in case of a clear break below the zone indicated above, I expect possible bearish movements of price towards the level 112.70 after a pullback to the broken zone and a bounce within it.
Trade recommendation
Wait for a correction to the zone 127.26-126.67 to buy USD.
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