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Wait | 11 May 2022

11 May 2022, USD/JPY

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Technical observation

On the daily chart above price rose and broke above a level 128.99, it then pulled back to the broken line once and it was sustained above it. As long as the value of USD remains above the level mentioned above, I expect possible bullish movement of price. Currently price is trading with an increasing bearish bias above the level 128.99 and I expect it to decline to the same line followed by a rejection at it to pick long positions with my take profit at 135.03 and stop-loss at 126.26. In case of a break above the resistance level 135.03, a further momentum to the upper side can be expected after a correction to the broken line and a rejection of price at it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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