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Wait | 06 November 2023

06 November 2023, USD/JPY

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Technical observation

USD pulled back to the supportive zone 137.45-130.04 and it has been trading with an increasing bullish bias since it bounced within this zone, however, today i expect a possible rally to the lower side, the anticipated downwards movement of price is a pullback to the zone indicated above and I expect a rejection within it followed by a surge to the upper side. As it is on the chart above, I recommend that you remain flat and wait for a correction to the zone 137.45-130.04 to re-buy USD with your take profit still at 151.95 and stop-loss at 135.19. As it is on the chart above remaining neutral now is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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