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Wait for a pullback to the level 129.84

Wait for a pullback to the level 129.84 | 16 January 2023

16 January 2023, USD/JPY

Technical observation

USD declined below the supportive level 129.84 with a big red candle and it is still trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a correction to the level I have mentioned above and a rejection at it. My advice, remain flat and wait for a pullback to the level 129.84 then sell a bounce at it with your take profit at 123.44 and stop-loss at 131.48. If there is a clear break above the level, wait for a correction to the zone 138.09-137.65 to sell USD towards the level 129.84. As it is on the chart above, only short positions look ideal and can be recommended.

Trade recommendation

Wait for a pullback to the level 129.84 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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