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Wait for a correction to sell USD.

Wait for a correction to sell USD. | 05 December 2022

05 December 2022, USD/JPY

Wait for a correction to sell USD.

Technical observation

USD broke below the level 135.78 with a big red candle and it is still trading below it with an increasing bearish momentum, however, I expect a loss of this downwards movement followed by a correction to the level mentioned above and a rejection of price at it. My advice remain neutral and wait for a correction to the level 135.78 then sell a bounce at it with your take profit at 130.39 and stop-loss at 137.72. In case of a penetration below the level 130.39 you can expect the value of this pair to plummet even further to the lower side. As long as price is sustained below the level 135.78 I can only recommend short positions.

Trade recommendation

Wait for a second correction to the level 135.78 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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