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Wait | 10 November 2022

10 November 2022, USD/JPY

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Technical observation

On the 4 hour chart above, USD pulled back to the supportive zone 145.47-145.10 then bounced at and rose up to the trend line as shown above where price was rejected and currently it is trading with an increasing bearish bias. My expectation is a correction to the zone mentioned above followed by a possible clear break below it with a big red candle. My advice is, remain flat and wait for a correction to the zone I have indicated above then wait for a pullback and a rejection within it to pick short positions. On your way downwards the key levels to look for include, 140.71, 135.78 and the lower supportive level 130.39.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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