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Wait for a correction to the zone 127.25-126.67

Wait for a correction to the zone 127.25-126.67 | 29 August 2022

29 August 2022, USD/JPY

Wait for a correction to the zone 127.25-126.67

Technical observation

On the daily chart above price is trading with an increasing bearish bias below the resistance level 139.36, this downwards movement is a pullback to the supportive zone 127.25-126.67 and I expect it to continue to the same zone and bounce within it. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 139.36 and stop-loss at 121.60. If there is a clear break above the level 139.36 with a big green candle, you can continue long after a pullback and a bounce at it. As long as USD is sustained above the zone 127.25-126.67, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to the zone 127.25-126.67 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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