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Wait | 05 May 2022

05 May 2022, USD/JPY

Technical observation

Yesterday USD descended below a supportive level 129.33 with a big red candle and currently it is trading with an increasing bullish momentum below the same level. I expect a continuation of this upwards movement to the level I have mentioned above followed by a rejection at it to pick short positions with my take profit at 127.79 and stop-loss at 129.68. As long as price is sustained below the level 129.33 I expect it to rally to the lower side, a further surge to the lower supportive level 126.30 can be expected in case of a clear break below the zone 127.79-127.64. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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