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we are neutral

we are neutral | 19 May 2022

19 May 2022, USD/JPY

we are neutral

Technical observation

Yesterday USD declined to the supportive level 127.91 as I had predicted hitting our take profit; price bounced at the level I have indicated above and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 129.57-129.49 and I expect a rejection of price within it to re-sell USD with my take profit still at 127.91 and stop-loss at 127.97. Should there be a clear break below the level 127.91 with big red candle, I expect price to plummet further towards the lower supportive level 126.30 or even lower to the level 124.93. I can only recommend bullish positions above the zone 129.57-129.49.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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