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We are short towards 130.39

We are short towards 130.39 | 16 December 2022

16 December 2022, USD/JPY

We are short towards 130.39

Technical observation

USD pulled back to the zone 138.08-137.72 but did not break above it, instead, it bounced at it and it is currently trading with an increasing bearish bias. As long as price is sustained below the zone mentioned above, I expect a continuation of this downwards movement and in case you sold this pair within the zone indicated above, my advice is, remain short with your take profit at 130.39 and stop-loss at 139.95. If there is a clear break below the level 130.39, I expect the value of USD to plummet further to the lower side after a correction and a rejection to the broken line. On the chart above I can only recommend bullish positions above the zone 138.08-137.72.

Trade recommendation

Remain short with your take profit at 130.39

Imelda Maseno
Analyst of «FreshForex» company
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