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Wait | 27 July 2022

27 July 2022, USD/JPY

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Technical observation

USD rose up to the resistance level 138.99 but could not break above it, instead it bounced at the same level and it is currently trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 131.50-130.97 and I expect a rejection within it to re-buy USD with my take profit at 138.99 and stop-loss at 127.61. A further momentum to the upper side can be expected in case of a clear break above the level 138.99; however, in case of a penetration below the zone 131.50-130.97 with a big red candle, I anticipate bearish movements of price towards the supportive level 121.65.

Trade recommendation

Wait for a correction to the zone 131.50-130.97 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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