06 October 2022, USD/JPY
Technical observation
USD bounced at the resistance level 144.76 and this week it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive level 130.41 and I expect a possible rejection of price at it. My advice, remain flat and wait for a correction to the level 130.41 then buy a bounce at it with your take profit at 144.76 and stop-loss at 126.29. If there is a clear break above the level 144.76 with a big green candle, I expect price to ascend further after a retracement to the broken line, on the other hand in case of a break below the level 130.41, I expect the value of USD to plummet towards the line 115.62.
Trade recommendation
Remain flat.
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