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Sell USD within the zone 138.67-137.90

Sell USD within the zone 138.67-137.90 | 10 April 2023

10 April 2023, USD/JPY

Technical observation

USD is pulling back to the resistance zone 138.67-137.90 and I expect a rise to the same zone followed by a possible rejection of price within it. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.13. In case of a break below the level 126.78, I expect the value of USD to descend towards the supportive levels 112.70 or even lower to 102.50. On the daily chart above, as long as the value of USD is sustained below the zone 138.67-137.90, only short positions look ideal and can be recommended.

Trade recommendation

Sell USD within the zone 138.67-137.90 with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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