17 October 2022, USD/JPY
Technical observation
USD retraced to the supportive zone 142.27-141.50 then bounced within it and since then it has been trading with an increasing bullish momentum, currently price is trading at the resistance level 148.83 and I expect either a bounce at it followed by a correction to the zone indicated above or a clear break above this level with a big green candle. If there is a rejection of price at the level 148.83, remain flat and wait for a correction to the zone 142.27-141.50 then re-buy USD within it with your take profit at 148.83 and stop-loss at 137.35. As it is on the daily chart above only bullish positions look ideal and can be recommended.
Trade recommendation
Remain neutral.
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