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We're long for now.

We're long for now. | 16 August 2023

16 August 2023, USD/JPY

We're long for now.

USDJPY is exhibiting a robust bullish sentiment, particularly noteworthy as the price remains above the support zone at 148.30. This reinforces the confirmation that the market maintains a strong uptrend. Currently, the market is entrenched in an impulsive phase while actively shaping the major outer wave 'V', which has a target set at 148.34. You may consider initiating a long position, targeting potential profits ranging from 148.34 to 150.14. It's advised to position your stop loss at 148.34. Always exercise diligent risk management, particularly given the potential volatility of the market.

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We're long for now.

Bob Stan
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