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Wait for another correction to the level 131.69

Wait for another correction to the level 131.69 | 02 January 2023

02 January 2023, USD/JPY

Wait for another correction to the level 131.69

Technical observation

The pair on the chart above retraced to the level 137.69 then bounced at it before descending steadily and currently it is trading with an increasing bullish bias slightly above the supportive level 130.39. If you are currently holding short positions with the pair I recommend that you pick your profits now, however, in case you are neutral with this pair, remain flat and wait for a correction to the level 137.69 to sell USD with your take profit at 130.39 and stop-loss at 139.90. Should there be a clear break above the level 137.69 with a big green candle, I expect possible bullish movements of price towards the resistance level 124.14.

Trade recommendation

Wait for another correction to the level 131.69 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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