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Expecting a rally to 126.78

Expecting a rally to 126.78 | 23 December 2022

23 December 2022, USD/JPY

Expecting a rally to 126.78

Technical observation

USD pulled back to the resistance zone 139.08-138.25 but did not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias. In case you sold this pair within the zone indicated above, I recommend that you remain in the trade with your take profit at 126.78 and stop-loss at 142.51. Should there be a break below the level 126.78 with a big red candle, I expect the value of this pair to plummet towards the supportive levels 112.70 and 102.83, on the other hand, in case of a clear break above the zone 139.08-138.25, I expect price to surge towards the resistance level 151.97.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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