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Wait | 02 November 2022

02 November 2022, USD/JPY

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Technical observation

USD rose to the resistance level 148.67 but could not break above it, instead it bounced at the line and since then it has been trading with an increasing bearish bias; This downwards movement is a correction to the supportive level this pair established at 130.57 and I expect a possible bounce at it. My advice, remain flat and wait for a retracement to the supportive level 130.57 then buy a bounce at it with your take profit at 148.67 and stop-loss at 125.11. If there is a clear break above the level 148.67 with a big green candle, I expect the value of USD to surge further to the upper side after a correction to the broken line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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