Looking to buy at 140.05 | 19 September 2022

19 September 2022, USD/JPY

Looking to buy at 140.05

Technical observation

USD has been trading with an increasing bearish bias below the resistance level 144.81 for several days now, this bearish movement is a correction to the supportive level 140.05 and I expect price to decline to this line then bounce at it. My advice, remain flat and wait for a pullback to the level 140.05 then buy a bounce at it with your take profit at 144.81 and stop-loss at 138.25. If there is a clear break above the level 144.81, you can continue long after a retracement to the broken line, on the other hand should there be a clear break below the level 140.05 with a big red candle, I expect price to plummet towards the zone 135.78-135.49.

Trade recommendation

Wait for a correction to the level 140.05 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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