Remain flat. | 12 August 2022

12 August 2022, USD/JPY

Remain flat.

Technical observation

On the weekly chart above price opened red and throughout the week it has been trading with an increasing bearish bias, my expectation is a continuation of this downwards movement towards the supportive zone 126.94-126.28 followed by a bounce within it to pick long positions with my take profit at 138.53 and stop-loss at 122.04. If price clearly breaks above the level 138.53, I expect it to ascend further after a pullback to the broken line, but should there be a clear break below the zone 126.94-126.28 with a big red candle, I expect the value of USD to plunge towards the supportive level 112.73 or even lower to 100.71.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .