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Wait | 12 October 2022

12 October 2022, USD/JPY

Technical observation

USD rose and hit my take profit at the level 145.90 then rose above it and as long as it is sustained above this level I expect price to ascend further after a correction to the broken line and a rejection at it. However, if price is not sustained above this level but clearly breaks below it with a big red candle red, wait for a correction to the supportive zone 140.66-140.33 then re-buy USD within it with your take profit still at 145.90 and stop-loss at 138.26. Should there be a clear break below the zone I have mentioned above, I expect the value of USD to plummet towards the supportive level 135.78 or lower to 130.39.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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