Buy USD within 134.17-133.09 | 27 December 2022
27 December 2022, USD/JPY
Technical observation
On the weekly chart above, price has been declining steadily for several weeks now and it is currently trading within the supportive zone 134.17-133.09 with an increasing bearish bias; I expect a loss of this downwards movement within the zone followed by a momentum to the upper side. My advice, buy a bounce within the zone indicated above with your take profit at 152.01 and stop-loss at 126.37. If price is not sustained above the zone 134.17-133.09 but clearly breaks below it with a big red candle, you can expect the value of the pair above to plummet towards the supportive level 103.31 after a correction to the broken zone.
Trade recommendation
Buy USD within 134.17-133.09 with your take profit at 152.01.
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.
