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USDJPY: medium-term sells of the pair.

USDJPY: medium-term sells of the pair. | 12 May 2023

12 May 2023, USD/JPY

• Long-term trend: goes long. The maximum accumulation of volumes of the current contract is located in the range, of quotations 133.700-134.300. Currently, the pair is trading within the specified range, indicating a temporary uncertainty.

• Medium-term trend: goes short. The maximum accumulation of volumes of the current contract is located in the range, of quotations 136.300-136.500. At the moment, the pair is trading lower, indicating the strength of sellers.

• The area of profitable prices for sell in terms of marginal cover is located between zones 1/4 and 1/2 constructed from the minimum 04.05.2023.

• Quotation of the lower boundary of the zone 1/4 – 134.681.

• Quotation of the lower boundary of the zone 1/2 – 136.029.

• Intraday objectives: update the lows from 04.05.2023-133.359.

• Medium-term objectives: test the higher bound of WCZ –132.249.

• Trading recommendations: sells from the range of favorable prices in the formation of a reversal pattern.

• Sell: 134.681-136.029, Take Profit 1-133.359, Take Profit 2-132.249.

• WCZ (weekly control zone)

• GWCZ (golden weekly control zone)

• SWCZ (silver weekly control zone)

James Hoggarth
Analyst of FreshForex
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