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expecting a correction to 135.80-135.50

expecting a correction to 135.80-135.50 | 05 September 2022

05 September 2022, USD/JPY

expecting a correction to 135.80-135.50

Technical observation

USD bounced at the resistance level 140.59 and since then price declined with two consecutive candles and this week I expect a further surge to the lower side. My advice, remain neutral and wait for a correction to the supportive zone 135.80-135.50 then buy a bounce within it with your take profit 140.59 and stop-loss at 133.89, if price clearly breaks above the level 140.59 with a big green candle, I expect it to surge further to the upper side after a pullback to the broken line, but if there is a clear break below the zone I have mentioned above, I expect price to plummet towards the supportive 130.68 or even lower to the level 126.33.

Trade recommendation

Wait for a correction to the zone 135.80-135.50 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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