08 May 2023, USD/JPY
Technical observation
USD retraced to the resistance zone 138.67-137.90 then bounced within it and since then it has been trading with an increasing bearish bias, today I expect a continuation of this downwards movement and in case you are already holding short positions with this pair, I recommend you remain in the trade with your take profit at 126.7 and stop-loss at 142.47. In case of a clear break below the level 126.78, I expect the value of this pair to plummet further towards the key levels 112.70, 102.50 or lower. As it on the daily chart above, as long as the value of USD is sustained below the zone 138.67-137.90, I can only recommend short positions.
Trade recommendation
Remain short with your take profit at 126.7.
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