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Wait for a correction to buy USD

Wait for a correction to buy USD | 17 May 2022

17 May 2022, USD/JPY

Technical observation

USD traded with a big red candle last week and it is still showing signs of declining even further. The expected bearish movement is a correction to the supportive level it established at 125.60 and I expect a rejection of price at the same level to pick long positions with my take profit at 137.27 and stop-loss at 122.01. In case of a clear break above the level 137.27, you can expect the value of this pair to surge further to the upper side, however, in case USD is not contained above the level 125.60 but clearly breaks below it with a big red candle, I expect a momentum to the supportive zone 113.73-114.33 after a pullback to the broken line.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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