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Anticipating a pullback to the zone 138.92-138.25

Anticipating a pullback to the zone 138.92-138.25 | 26 January 2023

26 January 2023, USD/JPY

Technical observation

Price declined to the supportive level 126.78 on the daily chart above but did not break below it, instead it bounced above the same level and currently it is trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 138.92-138.25 and I expect a possible rejection of price within it. My advice, remain neutral and wait for a correction to the zone I have indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.43. If there is a clear break below the level 126.78, I expect the value of USD to plummet further towards the levels 112.70 and 102.43.

Trade recommendation

Wait for a correction to the zone 138.92-138.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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