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we are flat

we are flat | 15 November 2023

15 November 2023, USD/JPY

we are flat

Technical observation

USD rose to the key level 151.89 and bounced at it, since then the price has been trading with an increasing bearish bias and today, I expect a further surge to the lower side, this downwards movement is a correction to the zone 147.33-147.58 and my expectation is either a rejection of price within it or a clear break below it with a big red candle. If the price is rejected within this zone, re-buy USD within it with your take profit at 151.8 and stop-loss at 146.18, however, in case of a clear penetration below this zone, wait for a pullback to t before you short USD towards the supportive levels 143.68 or lower.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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