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Wait for a correction to the zone 138.92-138.25

Wait for a correction to the zone 138.92-138.25 | 30 January 2023

30 January 2023, USD/JPY

Wait for a correction to the zone 138.92-138.25

Technical observation

USD declined to the supportive level 126.78 but did not break below it, instead it bounced at the same line and since then it has been 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 rise and rejection within it followed by a rally to the lower side. My advice, remain neutral and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.47. In case of a clear break below the level 112.70, I expect the value of this pair to descend further towards the supportive level 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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