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Wait | 25 April 2023

25 April 2023, USD/JPY

Technical observation

USD is pulling back to the resistance zone it established at 138.67-137.90 and today I expect a continuation of this upwards movement followed by a rejection within the zone I have indicated above. My advice is, remain neutral temporarily and wait for a rise to the zone I mentioned earlier then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.13. If there is a clear break below the level 126.78, I expect the price to plummet further towards the supportive levels 112.70 and 102.50. On the chart above, as long as the value of USD is sustained below the zone 138.67-137.90, I can only recommend bullish positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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