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Wait for a correction to sell USD

Wait for a correction to sell USD | 14 December 2022

14 December 2022, USD/JPY

Wait for a correction to sell USD

Technical observation

On the daily chart above, price broke below the zone 139.08-138.25 then pulled back to it and it is currently trading with an increasing bearish bias, as long as the value of USD is contained below the zone mentioned above, I expect a continuation of this movement to the lower side, however, my advice is, remain neutral and wait for a second correction to the zone indicated above then sell a bounce within it with your take profit at the level 126.78 and stop-loss at 143.39. In case of a penetration below the level 126.78, you can expect a further surge to the lower side towards the supportive levels 112.70 and 102.83.

Trade recommendation

Wait for a correction to the zone 139.08-138.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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