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Wait for a correction to sell USD

Wait for a correction to sell USD | 27 April 2022

27 April 2022, USD/JPY

Wait for a correction to sell USD

Technical observation

On the Hourly chart above price declined below a zone 127.72-127.64 with a big red candle then pulled back to it and it was sustained below the zone. As long as this pair remains below the zone I have mentioned above, I expect price to descend towards the supportive level marked at 126.30. I would however advice that you remain neutral and wait for a second correction to the zone 127.72-127.64 to pick short positions with your take profit at 126.30 and stop-loss at 128.20. In case of a clear break below the level 126.30, I expect the value of USD to plummet further towards the supportive level 124.93 or even lower.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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