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We are neutral.

We are neutral. | 03 August 2022

03 August 2022, USD/JPY

We are neutral.

Technical observation

For the past two consecutive weeks USD has been trading with an increasing bearish bias and this week I expect a continuation of this downwards movement towards the supportive level 127.01.My advice, remain flat and wait for a correction to the level I have mentioned above then buy a bounce at it with your take profit at 139.32 and stop-loss at 122.03, a further surge to the upper side can be expected in case of a clear break above the level 139.32, on the other hand, if there is a clear break below the line 127.01, I expect bearish movements of price towards the supportive zone 114.78-114.19 or even lower to 101.15.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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