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Remain neutral temporarily

Remain neutral temporarily | 28 October 2022

28 October 2022, USD/JPY

Remain neutral temporarily

Technical observation

USD is trading with an increasing bearish bias slightly above the supportive zone 145.47-145.10 and I expect a continuation of this bearish movement to the same zone followed by a possible bounce within it. My advice, remain neutral temporarily and wait for a pullback to the zone indicated above then re-buy USD within it with your take profit at 151.50 and stop-loss at 142.92. If there is a clear break above the level 151.50 with a big green candle, I expect the value of this pair to ascend further after a correction and a rejection at the broken line. I can only recommend short positions in case of a break below the zone 145.47-145.10.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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