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Wait for a correction to the zone 135.35-135.17

Wait for a correction to the zone 135.35-135.17 | 13 Marzo 2023

13 Marzo 2023, USD/JPY

Technical observation

On the chart above USD broke below the zone 135.35-135.17 and it is currently trading below the same zone with an increasing bullish bias, this upwards movement is a correction to the zone I have indicated above and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to zone 135.35-135.17 then sell a bounce within it with your take profit at 133.09 and stop-loss at 136.25, if there is a clear break below the level 133.09, wait for a pullback to the broken line before you continue short towards the supportive level 130.48 or lower. On the chart above, only short positions loo ideal and can be recommended.

Trade recommendation

Wait for a correction to the zone 135.35-135.17 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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