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Wait for a correction to the zone 127.25-126.23

Wait for a correction to the zone 127.25-126.23 | 28 Marzo 2023

28 Marzo 2023, USD/JPY

Technical observation

USD is pulling back to the supportive zone 127.25-126.23 and I expect a possible bounce within this zone followed by a rally to the lower side. My advice, remain flat and wait for a pullback to the zone 127.25-126.23 then buy a bounce within it with your take profit at 152.01 and stop-loss at 119.37. In case of a clear break above the level 152.01, continue long with this pair after a pullback to the broken line, however, if there is a clear break below the zone indicated above, wait for a retracement to it and a bounce before you pick short positions towards the supportive levels 101.17 and 76.33.

Trade recommendation

Wait for a correction to the zone 127.25-126.23 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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