Wait | 29 November 2022
29 November 2022, USD/JPY
Technical observation
On the weekly chart above, price has been trading with an increasing bearish bias for several weeks now and I still expect a further surge to the lower side. The anticipated bearish movement is a pullback to the supportive level 133.09 and I expect a possible rejection of price at it. My advice remain neutral and wait for a correction to the level mentioned above then sell a bounce at it with your take profit at 148.67 and stop-loss at 126.35. A further surge to the upper side can expected in case of a clear break above the level 148.67 however, in case of a penetration below 133.9, you can expect price to plummet towards the level 114.44.
Trade recommendation
Remain neutral temporarily.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
