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Pick short positions within 145.47-145.10

Pick short positions within 145.47-145.10 | 09 November 2022

09 November 2022, USD/JPY

Pick short positions within 145.47-145.10

Technical observation

On the 4 hour chart above, price pulled back to the supportive zone 145.47-145.10 but it did not break below it and currently it is trading within this zone with an increasing bearish bias. My expectation is a loss of this downwards movement followed by a surge to the upper side and I recommend that you pick bullish positions now within the zone indicated above with your take profit at 151.50 and stop-loss at 143.84. I expect price to rally further to the upper side in case of a clear break above the level 151.50, however, if there is a clear break below the zone 145.47-145.10, I anticipate possible bearish movements of price towards the level 140.71.

Trade recommendation

Buy USD now within 145.47-145.10 with your take profit at 151.50.

Imelda Maseno
Analyst of «FreshForex» company
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