03 May 2023, USD/JPY
Technical observation
USD pulled back to the resistance zone 138.67-137.90 then bounced within it and since then it has been trading with an increasing bearish bias and as long as the value of this pair is sustained below the same zone I anticipate a further surge to the lower side. In case you are already holding short positions within this pair, I recommend you remain in the trade with your take profit at 126.78 and stop-loss at 141.59. If there is a clear penetration below the level 126.78, I expect the price to plunge towards the supportive levels 112.70 and 102.50. As it is on the chart above, only short positions look ideal and can be recommended.
Trade recommendation
Remain short with your take profit at 126.78.
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