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Wait for a correction to the zone 134.17-133.9

Wait for a correction to the zone 134.17-133.9 | 27 January 2023

27 January 2023, USD/JPY

Wait for a correction to the zone 134.17-133.9

Technical observation

USD declined below the zone it established at 134.17-133.9 and it is currently trading with an increasing bullish bias below the same zone, this upwards movement is a correction to the zone I have mentioned above and I expect a possible bounce within it followed by a rally to the lower side. My advice, remain flat and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 103.31 and stop-loss at 139.82. I case of a clear break below the level 103.31 with a big red candle, I expect price to plummet towards the supportive level 76.33 after a pullback and a bounce at the broken line.

Trade recommendation

Wait for a correction to the zone 134.17-133.9 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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