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Expecting a pullback to the zone 138.92-138.25

Expecting a pullback to the zone 138.92-138.25 | 17 January 2023

17 January 2023, USD/JPY

Expecting a pullback to the zone 138.92-138.25

Technical observation

USD declined to the supportive level 126.78 but did not break below it, instead it bounced at the same level and it is currently trading with an increasing bullish bias, I expect a continuation of this upwards to the resistance zone 138.92-138.25 followed by a rejection within it to re-sell USD with my take profit at 126.78 and stop-loss at 142.51. If there is a clear penetration below the level 126.78 with a big red candle, I expect the value of this pair to plummet towards the supportive level 112.70 or even lower to the level 102.43. As long as price is sustained below the zone 138.92-138.25, I can only recommend short positions.

Trade recommendation

Wait for another correction to the zone 138.92-138.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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