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Wait for a correction to buy USD

Wait for a correction to buy USD | 08 June 2022

08 June 2022, USD/JPY

Wait for a correction to buy USD

Technical observation

USD rose above the level 130.95 with a big green candle then rose up to the level 132.93 but did not break it, instead it bounced at the same line and I expect a correction to the level 130.95 followed by a rejection at it to pick long positions with my take profit at 132.93 and stop-loss 130.38. Should there be a clear break above the level 132.93, I expect a correction to it to continue long with the pair above, on the other hand, in case of a clear break below the supportive level 130.95 with a big red candle, I expect a surge to the zone 129.52-129.41 after a correction to the broken line or even lower to the key level 127.50.

Trade recommendation

Wait for a correction to the level 130.95 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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