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We are short towards 126.78

We are short towards 126.78 | 30 December 2022

30 December 2022, USD/JPY

Technical observation

Since it bounced within the zone 139.08-138.25, USD has been trading with an increasing bearish bias and I expect it to plummet further to the lower side. In case you are currently holding short positions with the pair above, my advice is, remain in the trade with your take profit at 126.78 and stop-loss at 142.17. In case of a clear break below the level 126.78 with a big red candle, I expect the value of this pair to plunge further and the key levels to look for on your way downwards are 112.70 and 102.83. On the chart above, as long price is sustained below the zone 139.08-138.25, only short positions are ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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