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Pick long positions within 136.37-136.23

Pick long positions within 136.37-136.23 | 26 August 2022

26 August 2022, USD/JPY

Pick long positions within 136.37-136.23

Technical observation

USD is trading with an increasing bearish bias above the supportive zone 136.37-136.23 and I expect a loss of this downwards movement within the same zone followed by a rally to the upper side. My advice, remain flat and buy a bounce within the zone indicated above with your take profit at 137.70 and stop-loss at 135.49. If there is a clear break above the level 137.70, I expect the value of USD to ascend further after a pullback to the broken line, however, in case of a break below the zone 136.37-136.23 with a big red candle, I expect price to plummet towards the supportive level 134.75 or even lower to the level 132.67.

Trade recommendation

Buy USD within 136.37-136.23 with your take profit at 137.70.

Imelda Maseno
Analyst of «FreshForex» company
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