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Wait for a correction to the zone 138.20-137.70

Wait for a correction to the zone 138.20-137.70 | 14 August 2023

14 August 2023, USD/JPY

Wait for a correction to the zone 138.20-137.70

Technical observation

On the chart above, the price rose to a resistance level 145.08 but did not break above it, instead it bounced at the same line and today I expect possible bearish momentum of price, the anticipated downwards movement of price is a correction to the supportive zone 138.20-137.70 and I expect a rejection within this zone followed by a surge to the upper side. My advice, remain neutral and wait for a correction to the zone I mentioned earlier then re-buy USD within it with your take profit at 145.08 and stop-loss at 135.81. In case of a clear break above the level 145.08, I expect the value of USD to ascend further.

Trade recommendation

Wait for a correction to the zone 138.20-137.70, to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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