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Wait for a correction to the zone 144.75-144.56

Wait for a correction to the zone 144.75-144.56 | 13 September 2023

13 September 2023, USD/JPY

Wait for a correction to the zone 144.75-144.56

Technical observation

USD bounced at the resistance level 147.85 and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 144.75-144.56 and I expect a possible rejection within it, my advice, remain neutral and wait for a correction to the zone I mentioned above then buy a bounce within it with your take profit at 147.85 and stop-loss at 143.19, in case of a clear break above the level 147.85, continue long after a correction and a bounce at the broken line, on the other hand, if there is a break below the zone 144.75-144.56, I expect the value of USD to plunge towards 137.19.

Trade recommendation

Wait for a correction to the zone 144.75-144.56 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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