29 December 2022, USD/JPY
Technical observation
USD declined to the supportive level 130.39 but could not break below it, instead it bounced at the same level and since then it has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 137.69 followed by a possible bounce at it. My advice, remain flat and wait for a correction to the level 137.69 then pick short positions at it after a bounce with your take profit at 130.39 and stop-loss at 139.58. If there is a clear break above the level 137.69 with a big green candle, wait for a rally to the zone 142.14-142.4 and a bounce within it before you re-sell USD.
Trade recommendation
Wait for a correction to the level 137.69 to sell USD.
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