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We are neutral.

We are neutral. | 30 August 2022

30 August 2022, USD/JPY

We are neutral.

Technical observation

USD rose to the resistance level 139.33 but could not break above it, instead it bounced at the same level and today price opened bearish. This downwards movement is a correction to the supportive zone 131. 48-130.93 and I expect it to continue to the same zone and bounce within it. My advice, remain neutral and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 139.33 and stop-loss at 126.73. If price clearly rises above the level 139.33, I expect it to ascend further after a pullback to the broken line. As it is on the chart above, I can only recommend short positions below the zone 131.48-130.93.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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