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Wait for a correction to the zone 126.23-127.27

Wait for a correction to the zone 126.23-127.27 | 07 Abril 2023

07 Abril 2023, USD/JPY

Wait for a correction to the zone 126.23-127.27

Technical observation

This week USD has been trading with an increasing bearish bias and I expect it to close bearish. This downwards movement is a pullback to the resistance zone 126.23-127.27 and next week I anticipate a further momentum to the same zone followed by a possible bounce within it. My advice, remain flat and wait for a correction to the zone indicated above, then buy a bounce within it with your take profit at 152.01 and stop-loss at 119.07. A further surge to the upper side can be expected in case of a break above the level 152.01 on the other I expect the price to descend in case of a break below the zone 126.23-127.27.

Trade recommendation

Wait for a correction to the zone 126.23-127.27 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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