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Wait for a correction to the zone 141.59-141.47

Wait for a correction to the zone 141.59-141.47 | 10 August 2023

10 August 2023, USD/JPY

Wait for a correction to the zone 141.59-141.47

Technical observation

USD rose to the resistance level 144.04 but did not rise above it, instead it bounced at this line and right now it is trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone price established at 141.59-141.47 and I expect a decline to this zone followed by a rejection within it. 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 144.04 and stop-loss at 140.72. If the price rises above the level 144.04, I expect a further momentum to the upper side after a retracement and a bounce at the broken line.

Trade recommendation

Wait for a correction to the zone 141.59-141.47 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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