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We are neutral

We are neutral | 14 July 2023

14 July 2023, USD/JPY

We are neutral

Technical observation

Last week USD traded with an increasing bearish bias and this week it is continues to plummet further with a big red candle, I expect the current candle to close bearish and for the price to descend further in the coming weeks towards the supportive zone 128.11-127.08. If there is a bounce within the zone indicated above, pick bullish positions within the same zone with your take profit at 151.83 and stop-loss at 121.31, on the other hand, if the value of USD penetrates below the zone 128.11-127.08, wait for a pullback to the broken zone and a bounce within it before you pick short positions towards the supportive levels 101.17 and 76.33.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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