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Remain flat

Remain flat | 12 January 2023

12 January 2023, USD/JPY

Remain flat

Technical observation

USD is trading with an increasing bearish bias slightly above the level 129.84 and I expect a continuation of this downwards movement to the same level followed by a bounce at it after which, I also anticipate a possible retracement to the resistance zone 138.09-137.65 and a rejection of price within it to re-sell USD with my take profit at 129.84 and stop-loss at 139.61. In case of a break below the level 129.84, you can expect the value of USD to descend further after a correction and a rejection at the broken line. On the chart above, as long as price is sustained below the zone 138.09-137.65 I can only recommend short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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