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Wait | 10 August 2022

10 August 2022, USD/JPY

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Technical observation

USD is trading with an increasing bullish bias below the resistance level 138.58, however, I expect a loss of this upwards movement followed by a correction to the supportive zone 126.94-126.28. My advice, remain neutral and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 138.58 and stop-loss at 122.11. If price breaks above the level 138.58 with a big green candle, I expect a further surge to the upper side after a correction to the broken line. As it is on the weekly chart above, I can only recommend short positions in case of a clear breakout below the zone 126.94-126.28.

Trade recommendation

Wait for a correction to the zone 126.94-126.28 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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