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Expecting a rally to 152.01

Expecting a rally to 152.01 | 06 December 2022

06 December 2022, USD/JPY

Expecting a rally to 152.01

Technical observation

USD retraced to the supportive zone 134.17-133.09 for the second time but did not break below it, instead it bounced within the zone and currently it is trading with an increasing bullish bias. As long the value USD remains above the zone I mentioned earlier, I expect a continuation of this upwards movement and my advice is, if you picked bullish positions within the zone 134.17-133.09, remain in the trade with your take profit at 152.01 and stop-loss at 126.28. In case of a clear break above the level 152.01, you can expect the value of this pair to rally further to the upper side after a correction to the broken line.

Trade recommendation

Remain long with your take profit at 152.01.

Imelda Maseno
Analyst of «FreshForex» company
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