04 November 2022, USD/JPY
Technical observation
USD is trading with an increasing bearish bias between the supportive level 145.79 and a resistance level 151.50, this bearish movement is a pullback to the level 145.79 and I anticipate a possible bounce at it or a clear break below it with a big red candle. If there is a rejection of price at this level, you can pick bullish positions at it with your take profit at 151.50 and stop-loss at 143.82, however, if there is a clear below the level 145.79, wait for a correction and a rejection of price at it before you pick short positions, on your way downwards the key levels to look for include, 140.73 and the lower supportive zone 130.69-130.96.
Trade recommendation
Remain neutral.
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