06 February 2023, USD/JPY
Technical observation
On the 4 hour chart above price pulled back to the resistance zone 130.83-131.15 but did not break above it, instead it closed bullish below the same zone and this week I expect a possible surge to the lower side. My advice is, sell this pair within the zone I have mentioned above with your take profit at 123.44 and stop-loss at 132.48, in case of a penetration below the level 123.44 wait for a correction to it before you continue short, and should there be a clear break above the zone 130.83-131.15 you can expect the value of this pair to rise towards the resistance levels 137.84, 143.90 or even higher to 151.68.
Trade recommendation
Sell USD within the zone 130.83-131.15 with your take profit at 123.44.
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