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We are bullish towards 151.50

We are bullish towards 151.50 | 01 November 2022

01 November 2022, USD/JPY

Technical observation

Since it bounced within the supportive zone 145.47-145.10, USD has been rising steadily and currently it is trading with an increasing bullish bias between the resistance level 151.50 and the zone indicated above. I expect a continuation of this upwards movement to the level 151.50 followed by either a clear break above it with a big green candle, or a rejection of price at it and if you are currently bullish with USD, I recommend that you remain in the trade with your take profit at 151.50 and stop-loss at 143.51. In case of a break above level 151.50, wait for a correction and a rejection at it before you continue long with this pair.

Trade recommendation

Remain long with your take profit at 151.50.

Imelda Maseno
Analyst of «FreshForex» company
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