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We are short towards 126.78

We are short towards 126.78 | 09 January 2023

09 January 2023, USD/JPY

Technical observation

USD retraced to the resistance 138.92-138.25 but could not break above it, instead it bounced within it 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 a continuation of this downwards movement, if you are currently holding short positions with the pair above, remain in the trade with your take profit at 126.78 and stop-loss at 142.36. In case of a clear break below the level 126.78, wait for a correction and a rejection at it before you continue short towards the supportive levels 112.70 and 102.83. I can only recommend bullish positions above the zone 138.92-138.25.

Trade recommendation

Remain short with your take pro.fit at 126.78

Imelda Maseno
Analyst of «FreshForex» company
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