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We're long for a moment

We're long for a moment | 06 September 2023

06 September 2023, USD/JPY

We're long for a moment

USDJPY remains bullish as the market continues to move impulsively to the upside, as evident from the chart above. The market remains in an uptrend since the price has also broken above the resistance zone at 147.33. It's important to note that this setup can only be invalidated if the price breaks and closes below 147.33. The market is currently in an impulsive phase and is forming the impulsive major outer wave 'V,' with our target set at 148.34. If you have an active buy trade, consider moving the stop loss to breakeven since we expect the market to retest the recently broken resistance zone (147.33). After the retest, you can contemplate opening a long position with a target range of 149.45-150.09

Trade Recommendations:

We're long for a moment

Bob Stan
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