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Sell USD within the zone 130.83-130.55

Sell USD within the zone 130.83-130.55 | 25 January 2023

25 January 2023, USD/JPY

Sell USD within the zone 130.83-130.55

Technical observation

USD retraced to the resistance zone it established at 130.83-130.55 and it is currently trading within it with an increasing bullish bias. I expect a rejection of price within the same zone followed by a rally to the lower side, and right now as it on the chart above, I recommend that you remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 123.44 and stop-loss at 132.43. In case of a clear penetration below the level 123.44 with a big red candle, you can expect the value of this pair to plummet further to the lower side after a correction and a rejection at the broken line.

Trade recommendation

Sell USD within the zone 130.83-130.55 with your take profit at 123.44.

Imelda Maseno
Analyst of «FreshForex» company
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