We are bearish towards 135.78 | 17 November 2022

17 November 2022, USD/JPY

Technical observation

On the 4 hour chart above USD retraced to the resistance level it established at 140.65 and it did not break above it, instead it bounced at this level and a since then it has been trading with an increasing bearish bias. As long as price is sustained below this level, I expect a continuation of this downwards movement and if you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 135.78 and stop-loss at 142.35. If there is a clear break below 135.78, I expect the value of USD to plummet further towards the lower supportive level marked at 130.39.

Trade recommendation

Remain short with your take profit at 135.78.

Imelda Maseno
Analyst of «FreshForex» company
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