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Wait | 12 April 2023

12 April 2023, USD/JPY

Technical observation

Last Week USD declined with a big red candle, however this week it opened bullish, this upwards movement is a slight rise to the upper side and I expect a loos of it followed by a retracement to the supportive zone 128.11-127.09. My advice, remain flat and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 152.01 and stop-loss at 121.21. In case of a clear break above the level 152.01, wait for a correction to it before you continue long with this pair; should there be a clear break below the zone 128.11-127.09, I expect the price to plunge towards the supportive level 101.17.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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