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Wait for a correction to the zone 138.97-138.25

Wait for a correction to the zone 138.97-138.25 | 14 February 2023

14 February 2023, USD/JPY

Wait for a correction to the zone 138.97-138.25

Technical observation

USD declined to the supportive level 126.78 but did not break below it, instead it bounced at it and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 138.97-138.25 and I expect possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a pullback to the zone I have indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 143.93, if price breaks below the level 126.78 with a big red candle, I expect the value of USD to plummet towards the supportive level 112.7 or even lower to 102.50.

Trade recommendation

Wait for a correction to the zone 138.97-138.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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