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Remain short with your take profit at 123.44

Remain short with your take profit at 123.44 | 03 February 2023

03 February 2023, USD/JPY

Remain short with your take profit at 123.44

Technical observation

USD has been trading on a steady downwards trend as indicated on the channel on the 4 hour chart above, and recently it pulled back to a resistance zone 130.83-131.15 then bounced within it. Right now the pair above is trading with an increasing bearish bias and I expect it to rally further to the lower side. If you picked short positions within the zone 130.83-131.15, I recommend that you remain in the trade with your take profit at 123.44 and stop-loss at 132.69, in case of a break above the zone I mentioned earlier, I anticipate a possible surge towards the resistance level 137.84 after a correction and a bounce within the broken zone.

Trade recommendation

Remain short with your take profit at 123.44.

Imelda Maseno
Analyst of «FreshForex» company
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