31 August 2022, USD/JPY
Technical observation
USD is trading with an increasing bullish bias below the resistance level 139.31, however, I expect either a loss of this upwards movement at the same line or a clear break above it with a big green candle. In case of a clear break above the level 139.31, wait for a correction to it before you continue long with USD. However, if there is a rejection of price at it, wait for another correction to the supportive zone 126.94-126.28 then buy a bounce within it with your take profit at 139.31 and stop-loss at 121.96. As it is on the weekly chart above, I can only recommend short positions in case of a clear break below the zone 126.94-126.28.
Trade recommendation
Wait for a retracement to the zone 126.94-126.28 to buy USD.
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