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Wait | 14 June 2023

14 June 2023, USD/JPY

Technical observation

On the chart above, the price rose above a zone 138.75-137.9 and it is currently trading with an increasing bearish bias above the same zone. This downwards movement is a correction to the zone I have mentioned above and I expect a rejection within it followed by a rally to the upper side. My advice, remain neutral and wait for a correction to the zone 138.75-137.9 then buy a bounce within it with your take profit at 151.97 and stop-loss at 135.18. In case of a break above the level 151.97, wait for a retracement to it before you continue long with USD, short positions can only be recommended below the zone 138.75-137.9.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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