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Sell USD within the zone 134.70-134.40

Sell USD within the zone 134.70-134.40 | 13 April 2023

13 April 2023, USD/JPY

Sell USD within the zone 134.70-134.40

Technical observation

USD is trading with an increasing bullish bias below the resistance zone 134.70-134.40 and I expect a continuation of this upwards movement to the same zone followed by a rejection within it. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 127.21 and stop-loss at 135.93. In case of a break below the level 127.21, wait for a pullback to it before you continue short with this pair. On the 4 hour chart above, as long as the price is sustained below the zone 134.70-134.40, only short positions look idea and can be recommended.

Trade recommendation

Sell USD within the zone 134.70-134.40 with your take profit at 127.21.

Imelda Maseno
Analyst of «FreshForex» company
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