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Wait for a correction to the level 140.03.

Wait for a correction to the level 140.03. | 03 November 2022

03 November 2022, USD/JPY

Wait for a correction to the level 140.03.

Technical observation

USD rose to the resistance level 151.95 but could not break above it, instead, it bounced at this line and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to a supportive level price established at 140.03 and I expect a possible rejection at it. My advice, remain flat and wait for a correction to the level I 140.03 then buy a bounce at it with your take profit at 151.95 and stop-loss at 137.44. If there is a break above the level 151.95, continue long after a pullback to the broken line and a bounce at it. On the daily chart above, I can only recommend short positions below the level 140.03.

Trade recommendation

Wait for a correction to the level 140.03 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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