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Wait for a correction to the zone 135.05-134.61

Wait for a correction to the zone 135.05-134.61 | 22 March 2023

22 March 2023, USD/JPY

Technical observation

USD is pulling back to the resistance zone it established at 135.05-134.61 and I expect a possible loss of this upwards movement within the same zone followed by a surge to the lower side. My advice, remain flat temporarily and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 127.21 and stop-loss at 136.25. In case of a clear break below the level 127.21, wait for a correction to it before you continue short with this pair, on the other hand, should there be a break above the zone 135.05-134.61, I expect the price to ascend towards the resistance level 142.29 or higher to 151.50.

Trade recommendation

Wait for a correction to the zone 135.05-134.61 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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