15 December 2022, USD/JPY
Technical observation
USD retracted to the resistance level 137.69 but did not break above it, since then it has been trading with an increasing bearish bias and as long as it is sustained below the level 137.69, I expect a continuation of this momentum to the lower side. If you sold this pair at 137.69, my advice is, remain in the trade with your take profit at 130.39 and stop-loss at 139.91. If there is a clear break below the level 130.39, I expect this pair to plummet further to the lower side after a correction to the broken line, on the other hand should there be a clear break above the level 137.69; a possible rally to the level 142.14 can be expected.
Trade recommendation
Remain short with your take profit at 130.39.
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