08 December 2022, USD/JPY
Technical observation
On the daily chart above price is trading with an increasing bullish bias below the resistance zone 139.08-138.25 and I expect a rise to this zone followed by a rejection within it and a rally to the lower side. My advice, remain neutral and wait for a second correction to the zone mentioned above then sell a bounce within it with your take profit at 126.78 and stop-loss at 143.25. If price clearly penetrates below the level 126.78, I expect it to plummet further towards the levels 112.70 and 102.83. On the chart above as long as USD is sustained below the zone 139.08-138.25, only short positions looks ideal and can be recommended.
Trade recommendation
Wait for a second correction to the zone 139.08-138.25 to sell USD.
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