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Wait for a pullback to the zone 138.25-138.97

Wait for a pullback to the zone 138.25-138.97 | 16 February 2023

16 February 2023, USD/JPY

Wait for a pullback to the zone 138.25-138.97

Technical observation

USD is trading with an increasing bullish bias slightly below the resistance zone 138.25-138.97, this upwards movement is a correction to the zone I have mentioned above and I expect a possible rejection within it followed by a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 143.12. If there is a clear break below the level 126.78, I expect the value of USD to plummet further towards the supportive levels 126.78, 112.70 or lower, on the chart above, I can only recommend bullish positions above the zone 138.25-138.97.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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