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Wait | 05 June 2023

05 June 2023, USD/JPY

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Technical observation

USD rose above the zone 138.75-138.18 with a big green candle the pulled back to it but it was sustained above zone and as long as it remains above it, I expect the price to rally further to the upper side. Right now, I recommend that you wait for a second retracement to the zone I have mentioned above then buy a bounce within it with your take profit at 151.97 and stop-loss at 131.18. Should the price rise above the level 151.97 with a big green candle, you can expect it to ascend further after a pullback and a bounce at the broken line. On the chart above, I can only recommend short positions below the zone 138.75-138.18.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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