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We are short towards 126.78.

We are short towards 126.78. | 23 March 2023

23 March 2023, USD/JPY

Technical observation

Since it bounced within the zone 138.67-137.90 USD has been trading with an increasing bearish bias and expect a continuation of this downwards movement to the supportive level 126.78 followed by a possible break below it. If you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 126.78 and stop-loss at. Should there be a penetration below the level 126.78, I expect the value of USD to plummet further and I recommend that you wait for a pullback to the broken line before you continue short towards the supportive levels 112.70 and 102.50.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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