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Wait for a correction to the zone 138.64-138.22

Wait for a correction to the zone 138.64-138.22 | 06 July 2023

06 July 2023, USD/JPY

Wait for a correction to the zone 138.64-138.22

Technical observation

USD is trading with an increasing bearish bias below the resistance level 145.09 and today I expect it to plummet even further to the lower side. The anticipated movement to the lower side is a correction to the zone 138.64-138.22 and I expect a rejection within it to pick bullish positions with my take profit at 145.09 and stop-loss at 136.84. If there is a clear break above the level 145.09, wait for a correction to it before you continue long, on the other hand, in case of a break below the zone 138.64-138.22, wait for a correction to the broken zone then sell a bounce within it towards the supportive level 130.63 and 127.21.

Trade recommendation

Wait for a correction to the zone 138.64-138.22 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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