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Wait for a correction to buy USD

Wait for a correction to buy USD | 04 July 2022

04 July 2022, USD/JPY

Wait for a correction to buy USD

Technical observation

USD rose to the resistance level 136.65 but could not break above it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive level 126.81 and I expect a rejection at it to pick long positions with my take profit at 136.65 and stop loss at 123.88. In case of a clear break above the level 136.65 with a big green candle, a further surge to the upper side can be anticipated after a correction to the broken line and a bounce at it. As it is on the chart above, I can only recommend short positions below the level 126.81.

Trade recommendation

Wait for a correction to the level 126.81 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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