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We're buyers for now | 04 September 2023

04 September 2023, USD/JPY

We're buyers for now

USDJPY remains bullish, as evidenced by the chart above, which shows the formation of a falling wedge—a bullish trend indicator. The market continues to be in an uptrend, and this setup has not been invalidated. It is currently in an impulsive phase, forming the major outer wave 'V,' with a target at 148.34. You may consider entering a long position above the resistance zone at 146.54, setting your profit target at 149.45-150.09, and maintaining a tight stop loss at 144.28. Ensure you use proper risk management..

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We're long for now

Bob Stan
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