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Wait for a correction to the zone 134.7-134.89

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
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