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Wait for a correction to the zone 147.50-147.73

Wait for a correction to the zone 147.50-147.73 | 20 November 2023

20 November 2023, USD/JPY

Wait for a correction to the zone 147.50-147.73

Technical observation

USD rose to the level 151.89 then bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 147.50-147.73 and I expect a decline to this zone followed by a bounce within it. My advice, remian neutral and wait for a retracement to the zone indicated then re-buy abounce within it with your take profit at 151.89 and stop-loss at 146.67, if the price clearly penetrates above the level 151.89, I expect it to ascend further after a pullback to the broken line, on the other hand, I anticipate possible bearihs movements in case of a break below the zone 147.50-147.73.

Trade recommendation

Wait for a correction to the zone 147.50-147.73 to re-buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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