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Remain short

Remain short | 05 January 2023

05 January 2023, USD/JPY

Remain short

Technical observation

USD retraced to the resistance zone 138.97-138.25 but could not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias. As long as price is sustained below the zone indicated above, I expect it 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 126.78 and stop-loss at 142.43. In case there is a clear break below the key level 126.78, wait for a pullback to it before you continue short 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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