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Wait for a correction to the zone 133.06-132.93

Wait for a correction to the zone 133.06-132.93 | 10 June 2022

10 June 2022, USD/JPY

Wait for a correction to the zone 133.06-132.93

Technical observation

USD retraced to the supportive zone 133.06-132.93 but could not break below it, Instead it bounced within the zone then rose up to the resistance level 134.56. Currently price is trading with an increasing bearish bias below the level 134.56 and I expect a continuation of this downwards movement to the zone I have mentioned above followed by a rejection within it to re-buy USD with my take profit at 134.56 and stop-loss at 132.16. If price breaks above the level 134.56 with a big green candle, I expect a correction to the just broken level followed by a further surge to the upper side. I can only recommend short positions below the zone 133.06-132.93.

Trade recommendation

Wait for a correction to the zone 133.06-132.93 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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