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Wait for a second correction to the zone 145.08-145.25

Wait for a second correction to the zone 145.08-145.25 | 17 Agosto 2023

17 Agosto 2023, USD/JPY

Technical observation

USD broke above the resistance zone 145.08-145.25 then pulled back to it and it is currently trading with an increasing bullish bias. As it is on the chart above, i recommend that you wait for another correction to the zone mentioned above followed by a rejection within it to buy USD with your take profit at 151.92 and stop-loss at 143.81. If the price rises above the level 151.92, I expect the value of USD to ascend further after a retracement to the broken line; however, in case the value of USD is not sustained above the zone 145.08-145.25 but clearly declines below it, I anticipate a plunge towards the supportive level 137.70 or lower.

Trade recommendation

Wait for a second correction to the zone 145.08-145.25 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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