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We are neutral.

We are neutral. | 19 October 2022

19 October 2022, USD/JPY

We are neutral.

Technical observation

USD has been soaring to the upper side for several weeks now and this week price is trading with an increasing bullish bias at the resistance level 149.49, my expectation is either a clear penetration above this line with a big green candle, or a rejection or price at it followed by another correction to the supportive level 130.40. If you are currently neutral with this pair you can wait for either a clear break above the level 149.49 followed by a correction to it to buy USD, or a pullback to the level 130.4 to pick long positions. As it is on the weekly chart above, only bullish positions look ideal and can be recommended.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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