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Wait for a retracement to the zone 128.11-127.08

Wait for a retracement to the zone 128.11-127.08 | 18 July 2023

18 July 2023, USD/JPY

Wait for a retracement to the zone 128.11-127.08

Technical observation

USD is pulling back to the supportive zone it established at 128.11-127.08 and I expect a bounced within it followed by a rally to the upper side. My advice, remain flat and wait a correction to the zone indicated above then buy a bounce within it with your take profit at 151.83 and stop-loss at 121.99. If the price rises above the level 151.83, I expect the value of this pair to ascend further after a correction to the broken line, however, should there be a penetration below the zone 128.11-127.08, I expect the price to plunge towards the supportive levels 101.17, 76.33 or even lower.

Trade recommendation

Wait for a retracement to the zone 128.11-127.08 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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