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Wait for a correction to the zone 127.23-126.74

Wait for a correction to the zone 127.23-126.74 | 14 July 2022

14 July 2022, USD/JPY

Wait for a correction to the zone 127.23-126.74

Technical observation

USD rose to the resistance level 137.45 but could not break above it and yesterday it went down with a big red candle, as long as price is sustained below the level indicated above, I expect a continuation of this bearish movement to the supportive zone 127.23-126.74 followed by a bounce within it to pick long positions with my take profit at 137.45 and stop-loss at 123.91. If price hits this take profit and clearly breaks above it with a big green candle, I expect it to ascend further after a correction to the broken line. As it is on the chart above, I can only recommend short positions in case of a clear break below the zone 127.23-126.74.

Trade recommendation

Wait for a correction to the zone 127.23-126.74.

Imelda Maseno
Analyst of «FreshForex» company
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