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Wait for a correction to the zone 138.93-138.64

Wait for a correction to the zone 138.93-138.64 | 10 July 2023

10 July 2023, USD/JPY

Wait for a correction to the zone 138.93-138.64

Technical observation

The value of the pair on the chart above is trading with an increasing bearish bias between the supportive zone 138.93-138.64 and the resistance level 144.89, this downwards movement is a pullback to the zone indicated above and I expect a possible rejection within it followed by a surge to the upper side. My advice, remain flat and wait for a correction to the zone 138.93-138.64 then buy a bounce within it with your take profit at 144.89 and stop-loss at 137.27. If there is a clear break above the level 144.89 with a big green candle, wait for a correction to it before you continue long with USD. On the chart above I can only recommend short positions below the zone 138.93-138.64.

Trade recommendation

Wait for a correction to the zone 138.93-138.64 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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