We are neutral | 15 Februari 2023

15 Februari 2023, USD/JPY

We are neutral

Technical observation

USD declined to the supportive level 127.31 then bounced at it and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 138.10-137.77 and I expect a rejection within it followed by a possible surge to the lower side. My advice, remain flat and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 127.31 and stop-loss at 140.74, in case of a clear break below the level 127.31, I expect price to decline further after a pullback and a bounce at the broken line, on the chart above, I can only recommend bullish positions above the zone 138.10-137.77.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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