Expecting a pullback to the zone 126.81-127.35 | 25 July 2022
25 July 2022, USD/JPY
Technical observation
On the chart above price has been trading with an increasing bearish bias below the resistance level 138.99, this downwards movement is a correction to the supportive zone 126.81-127.35 and I expect a decline to the same zone followed a bounce within it to pick long positions. My advice, remain neutral and wait for a correction to the zone mentioned above then pic long positions within it with your take profit a 138.99 and stop-loss at 121.70. Remain long after a clear breakout above the level 138.99 with a big green candle. I can only recommend short positions in case of a clear break below the zone mentioned above.
Trade recommendation
Wait for a correction to the zone 126.81-127.35 to buy USD.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
