Wait for a pullback to the zone 138.67-137.90 | 25 May 2023

25 May 2023, USD/JPY

Technical observation

USD broke above the zone 138.67-137.90 with a big green candle and it is still trading with an increasing bullish bias, However, I expect a loss of this upwards movement followed by a pullback to the just broken zone and a possible bounce within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above, then buy a bounce within it with your take profit at the level 151.97 and stop-loss at 135.24. As it is on the daily chart above, as long as the price is sustained above the zone 138.67-137.90, only bullish positions are ideal and can be recommended.

Trade recommendation

Wait for a pullback to the zone 138.67-137.90 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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