Remain flat temporarily. | 11 April 2023

11 April 2023, USD/JPY

Remain flat temporarily.

Technical observation

USD is trading with an increasing bearish bias slightly below the resistance zone 134.70-134.94 and I expect a loss of this downwards movement followed by a rise to the zone I have indicated above. My advice, remain flat and wait for a correction to the zone 134.70-134.94 then sell a bounce within it with your take profit at 127.21 and stop-loss at 135.74. In case of a break below the level 127.21, I expect the price to descend further after a pullback to the broken line; on the other hand, should there be a clear break above the zone I mentioned earlier, I anticipate possible bullish movements of price towards the level 142.29 or even higher to 151.50.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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