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Expecting a rally to 139.16

Expecting a rally to 139.16 | 22 Agustus 2022

22 Agustus 2022, USD/JPY

Technical observation

USD retraced to a supportive zone 134.75-134.59 but could not break below it, instead it bounced within the zone and since then price has been trading with an increasing bullish bias. My expectation is rise to the level 139.16 followed by either a clear break above it with a big green candle or a bounce at it; if you are currently holding long positions with the pair above, remain in the trade with your take profit at 139.16 and stop-loss at 133.43. Continue long after a clear break above the level 139.16, however, in case of a clear break below the zone 134.75-134.59, pick short positions after a correction t and a rejection of price within it.

Trade recommendation

Remain long with your take profit at 139.16.

Imelda Maseno
Analyst of «FreshForex» company
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