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Sell USD within the zone 134.17-133.09

Sell USD within the zone 134.17-133.09 | 10 January 2023

10 January 2023, USD/JPY

Technical observation

USD declined below the zone 134.17-133.09 with a big red candle and it is currently trading below it with an increasing bullish bias below the same zone. This upwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it followed by a momentum to the lower side. My advice, remain flat and wait for a correction to the zone 134.17-133.09 then pick short positions within it after a bounce with your take profit at 103.31 and stop-loss at 139.03, in case of a clear break below the level 103.31, I expect the value of USD to descend further towards the lower supportive level 76.33.

Trade recommendation

Sell USD within the zone 134.17-133.09 with your take profit at 103.31.

Imelda Maseno
Analyst of «FreshForex» company
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