Wait | 14 June 2023
14 June 2023, USD/JPY
Technical observation
On the chart above, the price rose above a zone 138.75-137.9 and it is currently trading with an increasing bearish bias above the same zone. This downwards movement is a correction to the zone I have mentioned above and I expect a rejection within it followed by a rally to the upper side. My advice, remain neutral and wait for a correction to the zone 138.75-137.9 then buy a bounce within it with your take profit at 151.97 and stop-loss at 135.18. In case of a break above the level 151.97, wait for a retracement to it before you continue long with USD, short positions can only be recommended below the zone 138.75-137.9.
Trade recommendation
Remain neutral.
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.
