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Wait | 14 March 2023

14 March 2023, USD/JPY

Technical observation

After ascending for a while, the value of the pair above lost the momentum to the upper side and it has been trading with an increasing bearish bias for the past two consecutive weeks, this week the price opened bearish and I expect a continuation of this downwards movement towards the supportive zone 127.25-126.23, if you are currently flat with USD, I recommend that you remain neutral and wait for a pullback to the zone I have indicated above then buy a bounce within it with your take profit at 152.01 and stop-loss at 119.10. A further surge to the upper side is expected in case of a clear break above the level 152.01.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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