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we are neutral

we are neutral | 17 November 2023

17 November 2023, USD/JPY

we are neutral

Technical observation

This week the value of the pair above opens bearish and it is still trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 127.88-126.95 and I expect a bounce within it to re-buy this pair with my take profit at 151.57 and stop-loss at 122.10. In case of a penetration above the level 151.57, continue long with this pair after a pullback and a bounce to the broken line, on the other hand, should there be a clear breach below the zone 127.88-126.95, you can short this pair after a retracement to the broken zone. On your way downwards the key levels to look for include 102.90 and 85.53.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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