Wait for a correction to buy USD | 16 August 2022

16 August 2022, USD/JPY

Technical observation

USD is trading with an increasing bearish bias between a supportive zone 127.26-126.67 and a resistance level 139.36, I expect a continuation of this bearish movement to the zone mentioned above followed by a rejection within it to pick long positions with my take profit at 139.36 and stop-loss at 123.81. If there is a clear break above the level 139.36 with a big red candle, I anticipate a further surge to the upper side after a correction to the broken line, however, in case of a clear break below the zone indicated above, I expect possible bearish movements of price towards the level 112.70 after a pullback to the broken zone and a bounce within it.

Trade recommendation

Wait for a correction to the zone 127.26-126.67 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .