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29 November 2022, USD/JPY

Technical observation

On the weekly chart above, price has been trading with an increasing bearish bias for several weeks now and I still expect a further surge to the lower side. The anticipated bearish movement is a pullback to the supportive level 133.09 and I expect a possible rejection of price at it. My advice remain neutral and wait for a correction to the level mentioned above then sell a bounce at it with your take profit at 148.67 and stop-loss at 126.35. A further surge to the upper side can expected in case of a clear break above the level 148.67 however, in case of a penetration below 133.9, you can expect price to plummet towards the level 114.44.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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