13 February 2023, USD/JPY
Technical observation
USD broke below the supportive zone 134.17-133.09 with a big red candle then pulled back to just broken zone and it was sustained below it. Currently this pair is trading with an increasing bullish bias below the zone I have mentioned above and I expect a rejection within this zone followed by a rally to the lower side. My advice, remain flat and wait for a rejection within the zone I have mentioned above then sell USD within it with your take profit at 103.32 and stop-loss at 139.86. On the chart above, you can anticipate the value of USD to plummet further to the lower side in case of a clear break below the supportive level 103.31.
Trade recommendation
Sell USD within the zone 134.17-133.09 with your take profit at 103.31.
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