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Wait for a correction to the zone 137.45-138.04

Wait for a correction to the zone 137.45-138.04 | 09 November 2023

09 November 2023, USD/JPY

Wait for a correction to the zone 137.45-138.04

Technical observation

The pair on the chart above rose to the level 151.95 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the zone 137.45-138.04 and I expect a decline to this zone followed by either a rejection of price within it or a clear break below it with a big red candle. 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 151.95 and stop-loss at 135.15. In case of a break above level 151.95, continue long after a correction to the broken line and a bounce at it.

Trade recommendation

Wait for a correction to the zone 137.45-138.04 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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