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Wait for a correction to the zone 144.63-144.44 to buy USD.

Wait for a correction to the zone 144.63-144.44 to buy USD. | 08 November 2023

08 November 2023, USD/JPY

Wait for a correction to the zone 144.63-144.44 to buy USD.

Technical observation

On the chart above, the price retraced to the zone 144.63-144.44 then bounced at it before rising to the level 151.72, currently the value of this pair is trading with an increasing bearish bias and I expect it to plummet even further to the zone I mentioned earlier followed by a possible bounce within it. MY advice, remain flat and wait for a correction to the zone 144.63-144.44 then re-buy this pair within it with your take profit at 151.72 and stop-loss at 142.81. If there is clear break above the level 151.72, I expect the value of this pair to ascend further after a retracement to the same level.

Trade recommendation

Wait for a correction to the zone 144.63-144.44 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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