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Wait for a pullback to the level 140.52

Wait for a pullback to the level 140.52 | 24 November 2022

24 November 2022, USD/JPY

Wait for a pullback to the level 140.52

Technical observation

On the chart above price broke above the level 140.52 but it was not sustained above it, instead it declined below the same level and since then it has been trading with an increasing bearish bias. I expect a loss of this downwards movement followed by a correction to the level I have mentioned above and a possible bounce at it. My advice, remain flat and wait for a correction to the level 140.52 then sell a bounce at it with your take profit at 135.78 and stop-loss at 142.36. If price penetrates below the level 135.78 with a big red candle, you can expect it to plummet further towards the supportive level 130.39 or lower.

Trade recommendation

Wait for a correction to the level 140.52 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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