Wait | 05 July 2022

05 July 2022, USD/JPY

Wait

Technical observation

For several weeks USD rose steadily to the resistance level 137.02 and currently it is trading below the same level with an increasing bullish bias. I expect either a loss of this upwards movement followed by a correction to the supportive zone 126.53-125.77, or a clear break above the level 137.02 with big green candle. In case of a retracement to the zone indicated above, pick bullish positions within it after a bounce with your take profit at 137.02 and stop-loss at 122.13 and should there be a clear break above the level 137.02, wait for a correction to it before you continue long with USD. I can only recommend short positions below the zone 126.53-125.77.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus