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Wait for a correction to the zone 127.25-126.67

Wait for a correction to the zone 127.25-126.67 | 01 August 2022

01 August 2022, USD/JPY

Wait for a correction to the zone 127.25-126.67

Technical observation

On the daily chart above price has been declining steadily for some time now and today I expect a further surge to the lower side. The anticipated bearish movement is a correction to the supportive zone this pair established at 127.25-126.67 and I expect a rejection within it to pick long positions with my take profit at 139.36 and stop-loss at 123.50. In case of a clear breakout above level 139.36 with a big green candle, I expect the value of USD to surge further to the upper side, on the other hand, if there is a clear break below the zone I have mentioned above, I expect possible bearish movements of price towards the level 112.70.

Trade recommendation

Wait for a correction to the zone 127.25-126.67 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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