Expecting a pullback to the zone 126.81-127.35 | 25 Juli 2022

25 Juli 2022, USD/JPY

Expecting a pullback to the zone 126.81-127.35

Technical observation

On the chart above price has been trading with an increasing bearish bias below the resistance level 138.99, this downwards movement is a correction to the supportive zone 126.81-127.35 and I expect a decline to the same zone followed a bounce within it to pick long positions. My advice, remain neutral and wait for a correction to the zone mentioned above then pic long positions within it with your take profit a 138.99 and stop-loss at 121.70. Remain long after a clear breakout above the level 138.99 with a big green candle. I can only recommend short positions in case of a clear break below the zone mentioned above.

Trade recommendation

Wait for a correction to the zone 126.81-127.35 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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