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Wait | 14 November 2023

14 November 2023, USD/JPY

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Technical observation

USD rose to the level 151.95 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 137.45-137.04 and I expect either a rejection within it or a clear break below it with a big red candle. My advice, remain flat and wait for a correction to the zone 137.45-137.04 then buy a bounce within it with your take profit at 151.95 and stop-loss at 133.41. In case of a clear break above the level 151.95, I recommend that you remain flat and wait for a correction and a rejection at this line before you continue long.

Trade recommendation

Wait for a correction to the zone 137.45-137.04 to re-buy USD with your take profit at 151.95.

Imelda Maseno
Analyst of «FreshForex» company
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