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Wait for a correction to the level 142.03

Wait for a correction to the level 142.03 | 31 October 2022

31 October 2022, USD/JPY

Wait for a correction to the level 142.03

Technical observation

USD rose to the resistance level 151.95 then bounced at it and it is currently trading with an increasing bullish bias between the level indicated above and a supportive level 142.03, however, I expect a loss of this upwards movement followed by a correction to the level 144.03 and a possible bounce at it. My advice, remain flat and wait for a correction to the level 142.03 then buy a bounce at it with your take profit at 151.95 and stop-loss at 137.41. A further surge to the upper side can be expected in case of a clear break above the level 151.95, on the other hand I expect bearish movements of price in case of a break below the line 142.03.

Technical observation

Wait for a correction to the level 142.03 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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