18 April 2023, USD/JPY
Technical observation
On the chart above the price is trading with an increasing bullish bias slightly below the resistance level it established at 135.06 and I expect a continuation of this upwards movement to the same level followed by either a bounce at it or a clear break above it with a big green candle. In case of a clear penetration above the level 135.06, I expect the price to rally towards the resistance level 137.92 or higher after a correction to the broken line, however, if there is a rejection at the level 135.06, you can pick short positions at the broken line but not for long, with your take profit at 133.72 and stop-loss at 136.29.
Trade recommendation
Remain flat.
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