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Remain short with your take profit at 127.21

Remain short with your take profit at 127.21 | 17 March 2023

17 March 2023, USD/JPY

Remain short with your take profit at 127.21

Technical observation

USD pulled back to the resistance level 134.83-135.15 then bounced at it and since then it has been trading with an increasing bearish bias. As long as the value of this pair is sustained below the zone I have mentioned above I expect it to decline further and if you are currently short with USD, I recommend that you remain in the trade with your take profit at 127.21 and stop-loss at 136.36. If there is a clear breach below the supportive level 127.21, I expect the value of USD to plummet further after a pullback to the broken line. On the chart above, bullish positions can only be recommended above the zone 134.83-135.15.

Trade recommendation

Remain short with your take profit at 127.21.

Imelda Maseno
Analyst of «FreshForex» company
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