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Remain neutral.

Remain neutral. | 09 August 2022

09 August 2022, USD/JPY

Remain neutral.

Technical observation

USD rose above the resistance zone 134.76-134.61 then pulled back to it and it was sustained above the zone. Since it bounced within the zone mentioned above, the value of USD has been trading with an increasing bullish bias and my expectation is a continuation of this surge to the upper side. However, I would recommend that you remain neutral and wait for a second correction to the zone I mentioned earlier before picking long positions with your take profit at 137.96 and stop-loss at 132.84. In case of a penetration above the level 137.96, you can expect further upwards movement of price after a correction to the broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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