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Expecting a surge to 138.99

Expecting a surge to 138.99 | 08 August 2022

08 August 2022, USD/JPY

Expecting a surge to 138.99

Technical observation

USD is trading with an increasing bullish bias above the supportive zone 131.50-130.97 and as long as it is contained above this zone, I expect a further momentum to the upper side. If you are currently holding long positions with the pair above, remain in the trade with your take profit at 138.99 and stop-loss at 126.97. If there is a clear break above the level 138.99 with a big green candle, I expect price to ascend after a pullback to the broken line, but if there is a clear break below the zone 131.50-130.97 with a big red candle, I anticipate a surge towards the supportive level 121.65 or even lower to the level 112.73.

Trade recommendation

Remain long with your take profit at 138.99.

Imelda Maseno
Analyst of «FreshForex» company
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