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Wait for a correction to the zone 126.28-126.94

Wait for a correction to the zone 126.28-126.94 | 24 August 2022

24 August 2022, USD/JPY

Wait for a correction to the zone 126.28-126.94

Technical observation

USD rose to the resistance level 138.52 but could not break above it, instead it bounced at the same line and this week it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone price established at 126.28-126.94 and I expect a rejection of price within it to pick long positions with my take profit at 138.52 and stop-loss at 122.04. If there is a clear break above the level 138.52, I expect this pair to ascend further after a pullback to the broken level. On the weekly chart above, as long as price is sustained above the zone 126.28-126.94, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to the zone 126.28-126.94 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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