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Expecting a rally towards 126.78

Expecting a rally towards 126.78 | 28 December 2022

28 December 2022, USD/JPY

Expecting a rally towards 126.78

Technical observation

On the daily chart above, price broke below the zone it established at 139.08-138.25 then retraced to it and it was rejected within the same zone; as long as the value of USD is sustained below the zone I have mentioned above, I expect the price to surge further to the lower side. If you are currently holding short positions with the pair above, my advice is, remain in the trade with your take profit at the level 126.78 and stop-loss at 142.51. Should there be a clear break below the level 126.78 with a big red candle, I expect the value of the pair above to plunge towards the lower supportive levels 112.70 and 102.83.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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