Wait | 20 January 2023
20 January 2023, USD/JPY
Technical observation
On the weekly chart above USD broke down below a zone 134.17-133.09 and it is currently trading below the same zone with an increasing bullish bias. This upwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it followed by surge to the lower side. My advice, remain neutral and wait for a correction to the zone I mentioned earlier then sell a bounce within it with your take profit at 103.31 and stop-loss at 139.35. In case of a clear break below the level 103.31 with a big red candle, I expect price to descend further towards the supportive level 76.33 or lower.
Trade recommendation
Wait for a correction to the zone 134.17-133.09 to sell USD
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.
