Wait for a correction to the zone 134.7-134.89 | 01 May 2023

01 May 2023, USD/JPY

Technical observation

Last week USD did not decline as anticipated but instead it rose above the resistance zone 134.70-134.89 with a big green candle then rallied further upwards. Currently, the price is trading with an increasing bullish bias and I expect a loss of this upwards movement followed by a momentum to the lower side. The anticipated bearish movement is a correction to the supportive zone 134.7-134.89 and I anticipate a bounce within it to pick bullish positions with my take profit at 142.29 and stop-loss at 133.54. In case of a clear break above the level 142.29, I expect the value of USD to rise towards the level 146.80.

Trade recommendation

Wait for a correction to the zone 134.7-134.89 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