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We are flat

We are flat | 12 July 2023

12 July 2023, USD/JPY

We are flat

Technical observation

USD has been trading with an increasing bearish bias for several days now, this downwards movement is a correction to the supportive zone 138.75-138.22 and I expect either a rejection within it or a clear break below it with a big red candle. My advice, in case of a rejection within the zone indicated above, buy USD within it with your take profit at 151.97 and stop-loss at 135.23 and should there be a clear break above the level 151.97, continue long with this pair after a correction and a bounce at the broken line. However, pick short positions towards the level 126.78 in case of a clear penetration below the zone 138.75-138.22.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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