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Remain short with your take profit at 126.78

Remain short with your take profit at 126.78 | 11 January 2023

11 January 2023, USD/JPY

Technical observation

The value of the pair above broke below the zone 138.97-138.25 then retraced to it twice and both times it could not break above it but instead it was sustained below the zone and as long as this pair remains below the zone I have mentioned above, I can only recommend bearish positions. If you are currently holding short positions with this pair, I recommend that you remain in the trade with your take profit at 126.78 and stop-loss at 142.51, should there be a clear break below the level 126.78 with a big red candle, wait for a correction and a rejection at it before you continue short towards the 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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