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Wait for a correction to buy USD

Wait for a correction to buy USD | 03 May 2022

03 May 2022, USD/JPY

Wait for a correction to buy USD

Technical observation

The value of the pair on the weekly chart above has been on a steady upward trend for several weeks now and it is still showing signs of rising even further. This week price opened bullish however, I expect a loss of this upwards movement of price followed by a correction to the supportive level 125.60. My advice, remain flat and wait for a correction to the level 125.60 then buy a bounce at it with your take profit at 137.27 and stop-loss at 122.04. I expect price to rally further upwards in case of a clear break above the level 137.37, however, if price declines below the supportive level 125.60, I expect it to surge towards the zone 114.33-113.73.

Trade recommendation

Wait for a correction to the level 125.60 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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