22 December 2022, USD/JPY
Technical observation
USD retraced to the resistance zone 138.04-137.65 but did not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 130.39 followed by either a clear break below it with a big red candle, or a rejection of price at it. If you are currently holding short positions with the pair above, remain in the trade and pick your profits at the level 130.39. On the 4 hour chart above, as long as price is sustained below the zone 138.04-137.65, only short positions is ideal and can be recommended.
Trade recommendation
Remain short with your take profit at 130.39.
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