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Wait for a correction to the zone 140.36-139.45

Wait for a correction to the zone 140.36-139.45 | 07 November 2022

07 November 2022, USD/JPY

Wait for a correction to the zone 140.36-139.45

Technical observation

The pair on the daily chart above is trading within an expanding wedge as indicated above and currently price is trading with an increasing bearish bias; I expect a continuation of this downwards movement to the supportive zone 140.36-139.45. My advice, remain neutral and wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 150.21 and stop-loss at 135.28. If there is a clear break above the level 150.21 with a big green candle, continue long with this pair after a correction and a bounce at the broken line. On the chart above, I can only recommend short positions in case of clear a break below the zone 140.36-139.45.

Trade recommendation

Wait for a correction to the zone 140.36-139.45 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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