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Wait for a correction to the zone 127.88-127.09

Wait for a correction to the zone 127.88-127.09 | 07 November 2023

07 November 2023, USD/JPY

Remain long

Technical observation

USD retraced to the supportive zone 127.88-127.09 twice and both times it was sustained above this zone, the price then rose to a resistance level 152.04 and bounced at it and right now it is trading with an increasing bearish bias, this downwards movement is a correction to the zone I have indicated above and I expect a possible rejection within it to re-buy USD with my take profit still at 152.04 and stop-loss at 121.24. If the value of USD descends below the zone 127.88-127.09, wait for a pullback and a bounce within this zone before you pick bearish positions towards the supportive levels 112.53 and 100.21.

Trade recommendation

Wait for a correction to the zone 127.88-127.09 to re-buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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