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Looking to sell at 137.69

Looking to sell at 137.69 | 12 December 2022

12 December 2022, USD/JPY

Technical observation

USD is trading with an increasing bullish bias slightly below the level 137.69, this upwards movement is a correction to the level indicated above and I expect a possible rejection at it followed by a surge to the lower side. My advice, remain neutral temporarily and wait for a correction to the line 137.69 then sell a bounce at it with your take profit at 130.39 and stop-loss at 139.59. In case of a clear break below the level 130.39, you can expect the value of this pair to surge further to the lower side after a pullback to the broken line. On the chart above, I can only recommend bullish positions above the zone 142.49-142.06.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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