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Expecting a rally to 127.92

Expecting a rally to 127.92 | 18 Mei 2022

18 Mei 2022, USD/JPY

Expecting a rally to 127.92

Technical observation

On the hourly chart above, price pulled back to the resistance zone 129.46-126.54 but was rejected within it and since then it has been trading with an increasing bearish bias. As long as USD is contained below the zone mentioned above I expect a continuation of this downwards movement to the supportive level 127.92 followed by either a clear break below it or a rejection at it. If you picked short positions within 129.46-126.54, remain in the trade with your take profit at 127.92 and stop-loss at 129.97. On your way downwards the key levels to look for include; 127.92, 126.31 and the lower supportive level 124.76.

Trade recommendation

Remain short with your take profit at 127.92.

Imelda Maseno
Analyst of «FreshForex» company
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