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Wait for a correction to the zone 131.43-131.20

Wait for a correction to the zone 131.43-131.20 | 20 June 2022

20 June 2022, USD/JPY

Wait for a correction to the zone 131.43-131.20

Trade recommendation

USD is trading with an increasing bullish bias below the resistance level 135.43, I expect a loss of this upwards movement below the same line followed by a surge to the supportive zone 131.43-131.20. My advice, remain flat and wait for a correction to the zone I have indicated above then pick long positions within it after a bounce with your take profit at 135.43 and stop-loss at 123.82. If price breaks above the level 135.43 with a big green candle, I anticipate a further surge to the upper side after a pullback to the broken line. On the 4 hour chart above, I can only recommend short positions below the zone 131.43-131.20.

Trade recommendation

Wait for a correction to the zone 131.43-131.20 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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