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Wait for a correction to the zone 127.35-126.81

Wait for a correction to the zone 127.35-126.81 | 19 July 2022

19 July 2022, USD/JPY

Wait for a correction to the zone 127.35-126.81

Technical observation

Yesterday the value of the pair on the daily chart above declined as I had predicted and today I expect a continuation of this bearish movement towards the supportive zone 127.35-126.81. My advice, remain flat and wait for a pullback to the zone mentioned above then pick long positions within it after a bounce with your take profit at 138.99 and stop-loss at 121.62. If this take profit is hit and there is a clear break above it with a big green candle, I expect price to rally further to the upper side, but should there be a clear break below the zone I have indicated above, I expect the value of USD to plunge towards the level 112.73.

Trade recommendation

Wait for a correction to the zone 127.35-126.81 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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