we are flat | 17 Juni 2022

17 Juni 2022, USD/JPY

we are flat

Technical observation

USD is trading with an increasing bearish bias below the key level 135.47 and today I expect a further rally towards the supportive zone 126.78-126.34. Right now as it is on the chart above, I would advise that you remain flat and wait for a correction to the zone i mentioned earlier then pick bullish positions within it with your take profit at 135.47 and stop-loss at 123.82. Continue long after a clear break above the level 135.47 with a big green candle, however, in case of a penetration below the zone I mentioned above, I expect possible bearish movements of price towards the supportive level 119.22 or even lower to the zone 113.01-112.87.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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