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Remain short with your take profit at 127.21.

Remain short with your take profit at 127.21. | 24 April 2023

24 April 2023, USD/JPY

Remain short with your take profit at 127.21.

Technical observation

USD retraced to the resistance zone it established at 134.83-135.15 then bounced within it and since then it has been trading with an increasing bearish bias. As long as the price is sustained below the zone indicated above, I expect a further surge to the lower side and my advice is, remain in the trade with your take profit at 127.21 and stop-loss at 135.74. In case of a break below the supportive level 127.21, wait for a pullback to it before you continue short with this pair, however, if the price rises above the zone 134.83-135.15, I expect it to ascend further towards the resistance levels 142.45 or higher to 148.95.

Trade recommendation

Remain short with your take profit at 127.21.

Imelda Maseno
Analyst of «FreshForex» company
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