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Wait for a correction to the level 140.28

Wait for a correction to the level 140.28 | 08 September 2022

08 September 2022, USD/JPY

Wait for a correction to the level 140.28

Technical observation

Since it bounced at the resistance level 144.81, USD has been trading with an increasing bearish bias, this downwards movement is a retracement to the supportive level price established at 140.28 and I expect it to decline to the same line followed by a rejection at it. My advice, remain neutral and wait for a correction to the level 140.28 then buy a bounce at it with your take profit at 144.81 and stop-loss at 138.87, if this take profit is hit and there is a clear break above it with a big green candle, I expect USD to rally further to upper side after a correction to the broken line. As it is on the chart above, I can only recommend short position below the level 140.28.

Trade recommendation

Wait for a correction to the level 140.28 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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