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Wait for a retracement to the level 140.03

Wait for a retracement to the level 140.03 | 16 September 2022

16 September 2022, USD/JPY

Wait for a retracement to the level 140.03

Technical observation

USD is trading with an increasing bullish bias below the resistance level 144.81; however, I expect a loss of this upwards movement followed by a correction to the supportive level price established at 140.03. My advice, remain neutral and wait for a correction to the level 140.03 then buy a bounce at it with your take profit at 144.81 and stop-loss at 138.03. A further surge to the upper side can be expected in case of a clear break above the level 144.81, however, if there is a clear break below the level 140.03 with a big red candle, I expect the value of USD to plummet towards the supportive zone 135.78-135.49 or even lower to the level 130.34.

Trade recommendation

Wait for a correction to the level 140.03 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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