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expecting a retracement to the zone 134.46-134.31

expecting a retracement to the zone 134.46-134.31 | 07 July 2022

07 July 2022, USD/JPY

expecting a retracement to the zone 134.46-134.31

Technical observation

USD is trading with an increasing bullish bias between the supportive zone (134.46-134.31) and a resistance level 136.65. My expectation is a loss of this upwards movement followed by a correction to the zone mentioned above and a rejection within to pick long positions with my take profit at 136.65 and stop-loss at 133.54. In case of a clear beak above the level 136.65, continue long after a pullback to the broken line and a bounce at it. On the other hand, if price clearly breaks below the zone 134.46-134.31 with a big red candle, I expect the value of USD to plunge towards the supportive level 131.50 or even lower to 128.46.

Trade recommendation

Wait for a pullback to the zone 134.46-134.31 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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