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Wait for a pullback to the zone 138.75-138.22

Wait for a pullback to the zone 138.75-138.22 | 17 July 2023

17 July 2023, USD/JPY

Technical observation

USD declined below the zone 138.75-138.22 and it is currently trading with an increasing bullish bias, this upwards movement is a retracement to the just broken zone and I anticipate a possible rejection within it followed by a surge to the lower side, My advice, remain flat and wait for a second correction to the zone indicated above confirming a clear break below the zone before you sell USD with your take profit at 126.78 and stop-loss at 141.44. If the price breaks below the level 126.78, I expect it to plummet even further; on your way downwards the key levels to look for include 112.70 and 102.50.

Trade recommendation

Wait for a pullback to the zone 138.75-138.22 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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