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Wait for a pullback to the zone 131.59-130.84

Wait for a pullback to the zone 131.59-130.84 | 12 September 2022

12 September 2022, USD/JPY

Wait for a pullback to the zone 131.59-130.84

Technical observation

The value of the pair on the daily chart above bounced at the resistance level 144.2 and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone price established at 131.59-130.84 and I anticipate a bounce within this zone to pick bullish positions with my take profit at 144.2 and stop-loss at 126.78, you can expect the value of the pair above to ascend further after a break above the level 144.2, however, if it declined below the zone I mentioned earlier, I expect price to plummet towards the supportive level 121.62 or even lower to the zone 112.20-112.45.

Trade recommendation

Wait for a correction to the zone 131.59-130.84 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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