We are short towards 126.78 | 09 January 2023
09 January 2023, USD/JPY
Technical observation
USD retraced to the resistance 138.92-138.25 but could not break above it, instead it bounced within it and since then it has been trading with an increasing bearish bias. As long as price is sustained below the zone indicated above, I expect a continuation of this downwards movement, if you are currently holding short positions with the pair above, remain in the trade with your take profit at 126.78 and stop-loss at 142.36. In case of a clear break below the level 126.78, wait for a correction and a rejection at it before you continue short towards the supportive levels 112.70 and 102.83. I can only recommend bullish positions above the zone 138.92-138.25.
Trade recommendation
Remain short with your take pro.fit at 126.78
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.
