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01 Desember 2022, USD/JPY

Technical observation

On the daily chart above price declined below the supportive zone 139.08-138.25 and it is currently trading below the same zone with an increasing bearish bias. My expectation is a loss of this downwards movement followed by a correction to the just broken zone and a bounce within it and I recommend that you remain neutral and wait for a second correction to the zone I have mentioned above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.54. In case of a clear penetration below the level 126.78, you can expect the value of USD to plummet further towards the lower supportive levels 112.70 and 102.83.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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