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Looking to buy at 143.06

Looking to buy at 143.06 | 07 September 2022

07 September 2022, USD/JPY

Looking to buy at 143.06

Technical observation

USD rose steadily to the resistance level 143.06 but did not break above it, instead it bounced at the same level and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive level 139.18 and I expect a rejection of price at it to pick long positions with my take profit at 143.06 and stop-loss at 137.53. In case of a clear break above the level 143.06, I expect further bullish movements of price; on the other hand if there is a clear break below level 139.18 with a big red candle, I expect the value of the pair above to plummet towards the supportive zone 135.78-135.49.

Trade recommendation

Wait for a correction to the level 143.06 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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