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We are long towards 151.88

We are long towards 151.88 | 15 November 2022

15 November 2022, USD/JPY

Technical observation

USD pulled back to the supportive zone 139.47-138.73 then bounced within it an currently it is trading with an increasing bullish bias, I expect a continuation of this upwards movement towards the resistance level 151.88 followed by either a clear break above it with a big green candle, or a rejection of price at it. If you picked bullish positions within the zone indicated above after a bounce, I recommend that you remain in the trade with your take profit at 151.88 and stop-loss at 135.14. Should there be a clear break below the zone I mentioned above with a big red candle, I expect the value of USD to plummet towards the supportive level 126.74.

Trade recommendation

Remain long with your take profit at 151.88.

Imelda Maseno
Analyst of «FreshForex» company
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