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Wait for a correction to the zone 137.70-137.91

Wait for a correction to the zone 137.70-137.91 | 12 June 2023

12 June 2023, USD/JPY

Wait for a correction to the zone 137.70-137.91

Technical observation

USD is trading with an increasing bullish bias slightly above the zone 137.70-137.91 and today, I expect a further surge to the upper side. My advice, remain neutral and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 145.09 and stop-loss at 136.71. If the price rises above the level 145.09 with a big green candle, wait for a correction and a bounce at it before you continue long, however, if there is a clear breach below the supportive zone 137.70-137.91, you can expect the price to plunge towards the supportive level 130.63 or lower.

Trade recommendation

Wait for a correction to the zone 137.70-137.91 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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