16 November 2022, USD/JPY
Technical observation
USD rose to the resistance level 148.67 but could not break above it, instead it bounced at it and since then it has been trading with an increasing bearish bias, this downward movement is a pullback of price to the supportive level 130.39 and i expect a possible bounce at it. My advice, remain flat and wait for a correction to 130.39 then buy a bounce at it with your take profit at 148.67 and stop-loss at 124.04. Should there be clear break above the level 148.67 with a big green candle, a further momentum can be expected after a retracement to the broken line. On the chart above, I can only recommend short positions below the level 130.39.
Trade recommendation
Remain neutral.
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