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Wait for a pullback to the zone 134.76-134.61

Wait for a pullback to the zone 134.76-134.61 | 25 August 2022

25 August 2022, USD/JPY

Wait for a pullback to the zone 134.76-134.61

Technical observation

USD rose to the resistance level 137.96 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the zone 134.76-134.61 and I expect price to decline and bounce within it, right now I would recommend that you remain neutral and wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 137. 96 and stop-loss at 133.45. In case of a break above the level 137.96, continue long after a pullback to it but should there be a clear break below the zone mentioned above, wait for a correction and a rejection of price within it before you pick short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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