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Wait for a pullback to the zone 138.67-137.90

Wait for a pullback to the zone 138.67-137.90 | 03 April 2023

03 April 2023, USD/JPY

Wait for a pullback to the zone 138.67-137.90

Technical observation

USD is pulling back to the resistance zone it established at 138.67-137.90 and I expect a possible rejection within it followed by a momentum to the lower side. My advice, remain neutral and wait for a pullback to the zone indicated above then pick short positions within it after a bounce with your take profit at 126.78 and stop-loss at 142.26. In case of a penetration below the level 126.78 with a big red candle, I expect the value of USD to descend further towards the key levels 112.70, 102.50 or lower. Right now as it is on the daily chart above, only short positions looks ideal and can be recommended.

Trade recommendation

Wait for a pullback to the zone 138.67-137.90 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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