Wait for a correction to the zone 138.64-138.22 | 06 July 2023

06 July 2023, USD/JPY

Wait for a correction to the zone 138.64-138.22

Technical observation

USD is trading with an increasing bearish bias below the resistance level 145.09 and today I expect it to plummet even further to the lower side. The anticipated movement to the lower side is a correction to the zone 138.64-138.22 and I expect a rejection within it to pick bullish positions with my take profit at 145.09 and stop-loss at 136.84. If there is a clear break above the level 145.09, wait for a correction to it before you continue long, on the other hand, in case of a break below the zone 138.64-138.22, wait for a correction to the broken zone then sell a bounce within it towards the supportive level 130.63 and 127.21.

Trade recommendation

Wait for a correction to the zone 138.64-138.22 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .