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We are flat

We are flat | 10 February 2023

10 February 2023, USD/JPY

Technical observation

USD declined to the supportive level 126.78 then bounced at it and since then it has been trading with an increasing bullish bias. This upwards movement is a pullback to the resistance zone 138.92-138.25 and I expect a rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to the zone mentioned above then sell USD within it with your take profit at 126.78 and stop-loss at 142.42. In case of a break below the level 126.78 with a big red candle, I expect the value of USD to plummet towards the supportive levels 112.70 and 102.43, on the chart above; I can only recommend bullish positions above the zone 138.92-138.25.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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