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We are short towards 126.78

We are short towards 126.78 | 11 May 2023

11 May 2023, USD/JPY

Technical observation

Since it bounced within the resistance zone 138.67-137.90 USD has been trading with an increasing bearish bias and today I expect a further surge to the lower side. In case you are already holding short positions with this pair, I recommend you remain in the trade with your take profit at 126.78 and stop-loss at 142.16. If there is a clear break below the supportive level 126.78, you can anticipate further bearish movements of price towards the lower key levels 112.70 and 102.50, however, if the price rises above the zone 138.67-137.90, I expect it to ascend towards the resistance level 151.97 or even higher.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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