We are neutral | 02 February 2023
02 February 2023, USD/JPY
Technical observation
USD has been trading with an increasing bearish bias for some time now and as it is on the hourly chart above, I expect a continuation of this bearish movement towards the supportive level 127.11 followed by either a bounce at it or a clear break below it with big red candle. In case of a rejection of price at the supportive level 127.11, wait for a correction to the resistance zone 134.11-134.45 to re-sell USD with your take profit at 127.11 and stop-loss at 135.74, and should there be a clear break below the level 127.11, wait for a correction and a bounce at it before you continue short with this pair.
Trade recommendation
Remain flat.
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.
