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Wait for a pullback to the level 127.03

Wait for a pullback to the level 127.03 | 15 July 2022

15 July 2022, USD/JPY

Technical observation

On the weekly chart above, price rose steadily up to a resistance level 138.81 and currently, it is trading below the same level with an increasing bullish bias. I expect a loss of this upward movement at the same line followed by a correction to the supportive level price established at 127.03. My advice, remain flat and wait for a correction to the level 127.03 then buy a bounce at it with your take profit at 131.81 and stop-loss at 122.54. In case of a clear break above the level 131.81, I expect the value of USD to ascend further after a correction to the broken line. I can only recommend short positions in case of a break below the level 127.03.

Trade recommendation

Wait for a correction to the level 127.03 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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