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We are bullish towards 150.20

We are bullish towards 150.20 | 20 October 2022

20 October 2022, USD/JPY

Technical observation

USD has been on a steady upward trend for several days now and today I expect it to ascend further. Currently on the chart above, price is trading slightly below the resistance level 150.20 and I expect it to either rise and break above this level with a big green candle, or bounce at it. If you are holding bullish positions with the pair above, remain in the trade and pick your profits at the level 150.20, however if you are neutral, I would recommend that you remain flat and wait for either a pullback to the level 145.90 to buy USD, or a clear break above the level 150.20 followed by retracement to it to pick long positions.

Trade recommendation

Remain long.

Imelda Maseno
Analyst of «FreshForex» company
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