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Remain short towards 127.21.

Remain short towards 127.21. | 20 February 2023

20 February 2023, USD/JPY

Technical observation

USD pulled back to the resistance zone 135.12-134.62 but did not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias. As long as price is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement and in case you are currently holding short positions with this pair, I recommend that you remain in the trade with your take profit at 127.21 and stop-loss at 137.28, should there be a clear break below the level 127.21 with a big red candle, wait for a correction to the broken line before you continue short with USD.

Trade recommendation

Remain short with your take profit at 127.21.

Imelda Maseno
Analyst of «FreshForex» company
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