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Expecting a rally to 126.78

Expecting a rally to 126.78 | 19 Desember 2022

19 Desember 2022, USD/JPY

Technical observation

On the daily chart above, price pulled back to the resistance zone it established at 139.00-138.25 but it did not break above it, instead it bounced within this zone and since then it has been trading with an increasing bearish bias. As long as price is sustained below the zone indicated above I expect a continuation of this downwards movement and in case you are currently holding short positions with the pair above my advice is, remain in the trade with your take profit at 126.78 and stop-loss at 142.47. If there is a clear break below the level 126.78 with a big red candle, I expect the value of this pair to plummet further to the level 112.70.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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