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Wait | 26 October 2022

26 October 2022, USD/JPY

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Technical observation

USD rose up to the resistance level 151.92 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 145.86-145.53 and I expect either a rejection of price within it or a clear break below it with a big red candle. My advice, wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 151.92 and stop-loss at 143.50, and if there is a clear break below the zone 145.86-145.53 you can expect the value of USD to plunge towards the supportive levels 140.66, 135.78 and 130.39 after a correction and a rejection within the zone.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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