Wait for a correction to re-buy USD | 15 April 2022

15 April 2022, USD/JPY

Wait for a correction to re-buy USD

Technical observation

On the hourly chart above price retraced to a supportive zone 125.18-125.09 then rose steadily towards the resistance level 126.30. Currently price is trading below the same level with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive zone I have mentioned above followed by a rejection within it to re-buy USD with my take profit at 126.30 and stop-loss at 124.67, further bullish movement of price can be anticipated in case of a clear break above the level 126.30, on the other hand a possible rally to the lower side can be expected in case of a clear break below the zone 125.18-125.09.

Trade recommendation

Wait for a correction to the zone 125.18-125.09 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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