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Expecting a rally towards 103.31

Expecting a rally towards 103.31 | 08 February 2023

08 February 2023, USD/JPY

Expecting a rally towards 103.31

Technical observation

USD declined below the zone 134.17-133.09 with a big red candle then pulled back it and this week price opened bearish within the same zone; as long as the value of USD is sustained below the zone I have mentioned above, I anticipate a further momentum to the lower side. If you sold this pair within the zone 134.17-133.09, I recommend that you remain in the trade with your take profit at the supportive level 103.31 and stop-loss at 139.90 In case of a penetration below 103.31, wait for a correction and a rejection at the broken line before you continue short towards the lower supportive level 76.33 or lower.

Trade recommendation

Remain short with your take profit at 103.31.

Imelda Maseno
Analyst of «FreshForex» company
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