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Expecting a pullback to the zone 134.59-134.75

Expecting a pullback to the zone 134.59-134.75 | 23 August 2022

23 August 2022, USD/JPY

Expecting a pullback to the zone 134.59-134.75

Technical observation

USD rose to the resistance level 137.50 but did not break above it, instead it bounced at the same line and it is currently trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 134.59-134.75 and I expect rejection of price within it to pick long positions with my take profit at 137.50 and stop-loss at 133.43. Should there be a clear break above the level 137.50 with a big green candle, wait for a correction to it before you continue long towards the level 139.37, however, if there is a clear break below the zone mentioned above, I expect the value of USD to plummet towards the supportive level 130.71.

Trade recommendation

Wait for a correction to the zone 134.59-134.75 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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