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Wait for a correction to the zone 137.70-137.36

Wait for a correction to the zone 137.70-137.36 | 31 May 2023

31 May 2023, USD/JPY

Technical observation

USD is currently trading with an increasing bearish bias on the 4 hour chart above, this downwards movement is a correction to the supportive zone 137.70-137.36 and I expect a possible rejection within it followed by a rally to the upper side. My advice, remain flat and wait for a second correction to the zone I have mentioned above to buy USD with your take profit at 145.9 and stop-loss at 136.13. if the price clearly breaks above the level 145.9, I expect it to rally further upwards on the other hand, I expect possible bearish movements of price should there be a clear break below the supportive zone 137.70-137.36.

Trade recommendation

Wait for a correction to the zone 137.70-137.36 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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