Remain short with your take profit at 126.78. | 05 Mei 2023

05 Mei 2023, USD/JPY

Remain short with your take profit at 126.78.

Technical observation

USD bounced within the zone 138.67-137.9 and since then it has been trading with an increasing bearish bias, today I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend you remain in the trade with your take profit at 126.78 and stop-loss at 142.13. A further surge to the lower side can be expected in case of a clear break below the level 126.78 and on your way downwards the key levels to look for include 112.70 and 102.50. As it is on the chart above, as long as the price is sustained below the zone 138.67-137.9, only short positions is ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 126.78.

Imelda Maseno
Analyst of «FreshForex» company
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