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bullish towards 126.78.

bullish towards 126.78. | 21 March 2023

21 March 2023, USD/JPY

Technical observation

Since it bounced within the zone 138.64-137.90 the value of the pair above has been trading with an increasing bearish bias and today I expect a further momentum to the lower side. If you are holding short positions with USD, remain in the trade with your take profit at 126.78 and stop-loss at 142.47, in case of a clear break below the level 126.78, wait for a correction and a rejection at it before you continue short with this pair towards the supportive levels 112.70 and 102.50. As it is on the daily chart above, as long as the value of USD is sustained below the zone 138.64-137.90, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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