19 tháng Giêng 2023, USD/JPY
Technical observation
On the chart above, price declined to the supportive level 126.78 but did not break below it, instead it bounced at the same line and it is currently trading with an increasing bullish bias, I expect the value of this pair to rally further upwards to the resistance zone 138.97-138.25 then bounce within it. My advice, remain flat and wait for a correction to the zone I have indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.51. In case of a clear penetration below the level 126.78 with a big red candle, I expect price to plummet further towards the supportive levels 112.70 or even lower to 102.43.
Trade recommendation
Wait for a pullback to the zone 1.1690-1.1623 to sell USD.
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