Wait for a pullback to the zone 137.70-137.36 | 24 May 2023
24 May 2023, USD/JPY
Technical observation
USD rose and broke above the zone 137.70-137.36 with a big green candle before pulling back to it, currently this pair is showing signs of retracing to the zone Indicated above and I expect a possible bounce within it. My advice, remain neutral temporarily and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 145.09 and stop-loss at 136.26. In case of a break above the level 136.26, wait for a correction to it before you continue long, right now as it is on the chart above, as long as the price is sustained above the zone 137.70-137.36, I can only recommend bullish positions.
Trade recommendation
Wait for a pullback to the zone 137.70-137.36 to buy 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.
