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Wait for a correction to the zone 140.66-140.33

Wait for a correction to the zone 140.66-140.33 | 30 September 2022

30 September 2022, USD/JPY

Technical observation

USD rose to the resistance level 144.82 but did not break below it, instead it bounced at the same line and currently it is trading with an increasing bearish bias, This downwards movement is a correction to the supportive zone price established at 140.66-140.33 and I would advise that you remain flat and wait for a retracement to the zone mentioned above then pick long positions within it with your take profit at 144.82 and stop-loss at 138.28. In case of penetration below the level 144.82, I expect further bullish movements of price to the upper side, on the 4 hour chart above, I can only recommend short positions in case of a break below the zone 140.66-140.33.

Trade recommendation

Wait for a correction to the zone 140.66-140.33 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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