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Wait for a correction to the level 133.09

Wait for a correction to the level 133.09 | 08 November 2022

08 November 2022, USD/JPY

Wait for a correction to the level 133.09

Technical observation

USD rose to the resistance level 148.67 but could not break above it, instead it bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive level 133.09 and I expect a possible bounce at it. My advice, remain flat and wait for a correction to the level 133.09 then buy a bounce at it with your take profit at 148.67 and stop-loss at 126.37. A further surge to the upper side can be expected in case of a clear break above the level 148.67 followed by a pullback to it; however, if there is a clear break below the level 133.09, you can expect the price to decline towards the level 114.44.

Trade recommendation

Wait for a correction to the level 133.09 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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