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Wait for a correction to the zone 138.00-137.65

Wait for a correction to the zone 138.00-137.65 | 06 Enero 2023

06 Enero 2023, USD/JPY

Technical observation

USD declined to the supportive level 129.83 but could not break below it, instead it bounced at the same level and since then it has been trading with an increasing bullish bias. My expectation is a continuation of this upwards movement to the resistance zone 138.00-137.65 followed by a possible rejection or price within it. Right now as it is on the chart above, I recommend that you remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 129.83 and stop-loss at 139.87. I can only recommend bullish positions in case of a clear break above the zone 138.00-137.65.

Trade recommendation

Wait for a correction to the zone 138.00-137.65 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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