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Wait for a correction to the zone 125.37-125.06

Wait for a correction to the zone 125.37-125.06 | 03 June 2022

03 June 2022, USD/JPY

Wait for a correction to the zone 125.37-125.06

Technical observation

Yesterday price declined below the resistance level 130.85 and today I expect a continuation of this bearish movement towards the supportive level 125.37-125.06 followed by a bounce within it to pick long positions with my take profit at 130.85 and stop-loss at 122.32. Should there be a clear penetration above the level 130.85, a further surge to the upper side can be expected after a correction to the broken line, on the other hand, if price clearly breaks below the zone I have mentioned above with a big red candle, I expect it to plummet towards the supportive level 118.41 after a correction to the broken zone.

Trade recommendation

Wait for a correction to the zone 125.37-125.06 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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