Wait for a correction to buy USD | 03 May 2022

03 May 2022, USD/JPY

Wait for a correction to buy USD

Technical observation

The value of the pair on the weekly chart above has been on a steady upward trend for several weeks now and it is still showing signs of rising even further. This week price opened bullish however, I expect a loss of this upwards movement of price followed by a correction to the supportive level 125.60. My advice, remain flat and wait for a correction to the level 125.60 then buy a bounce at it with your take profit at 137.27 and stop-loss at 122.04. I expect price to rally further upwards in case of a clear break above the level 137.37, however, if price declines below the supportive level 125.60, I expect it to surge towards the zone 114.33-113.73.

Trade recommendation

Wait for a correction to the level 125.60 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.
manager photo manager photo
Online-support
Nos complacerá contestar cualquier pregunta que pueda tener

Escribir

Get bonus