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Wait | 18 July 2022

18 July 2022, USD/JPY

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Technical observation

USD is trading with an increasing bearish below the resistance level 138.92 and as long as it is sustained below this line I expect bearish movements of price, the anticipated momentum to the lower side is a correction to the supportive zone 127.01-126.51 and I expect a rejection of price within it to pick long positions with my take profit at 138.92 and stop-loss at 121.63, should there be a clear break above the level 138.92, I expect price to ascend further after a pullback to the broken line. As it is on the chart above, short positions can only be recommended in case of a clear penetration below the zone 127.01-126.51.

Trade recommendation

Wait for a pullback to the zone 127.01-126.51 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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