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Remain short

Remain short | 04 May 2023

04 May 2023, USD/JPY

Remain short

Trade recommendation

Since it bounced within the zone 138.15-137.78 USD has been trading with an increasing bearish bias and right now it is trading slightly above the trend line on the level 134.37, if you are already holding short positions with this pair, you can pick your profits now at 134.37. In case of a bounce at the level 134.27 wait for a correction to the zone I indicated above to re-sell USD, and should there be a clear penetration below the level 134.37, wait for a correction to it before you continue short towards the supportive level 127.21. On the chart above I can only recommend bullish positions above the zone 138.15-137.78.

Trade recommendation

Remain short with your take profit at 134.27.

Imelda Maseno
Analyst of «FreshForex» company
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