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Wait for a pullback to the zone 134.91-134.48

Wait for a pullback to the zone 134.91-134.48 | 06 March 2023

06 March 2023, USD/JPY

Wait for a pullback to the zone 134.91-134.48

Technical observation

USD is trading with an increasing bearish bias above the supportive zone 134.91-134.48, this downwards movement is a pullback to the zone I have mentioned above and I expect a rejection within it followed by a rally to the upper side. My advice, remain neutral and wait for a pullback to the zone 134.91-134.48 then buy a bounce within it with your take profit at 142.45 and stop-loss at 133.12. In case of a clear break above the level 142.45, wait for a correction to the broken line and a bounce at it before you continue long with this pair, on the chart above as long as the price is sustained above the zone 134.91-134.48 I can only recommend bullish positions.

Trade recommendation

Wait for a pullback to the zone 134.91-134.48 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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