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Wait | 06 September 2022

06 September 2022, USD/JPY

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Technical observation

USD is trading with an increasing bullish bias below the resistance level 140.74 and I expect a loss of this upwards movement followed by a correction to the supportive zone price established at 126.94-126.28, my advice, remain flat and wait for a correction to the zone mentioned above then pick long positions within it with your take profit at 140.74 and stop –loss at 121.94, if price breaks above the level 140.74, I expect it to rise further after a correction to the broken line, on the other hand in case of a break below the zone 126.94-126.28, I expect the value of USD to plummet towards the supportive level 112.73 or even lower to 100.71.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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