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Remain long

Remain long | 02 May 2023

02 May 2023, USD/JPY

Remain long

Technical observation

Since it bounced within the supportive zone 128.11-127.08, USD has been trading with an increasing bullish bias and this week I expect the price to rally further upwards. If bought USD within the zone indicated above after a bounce, I recommend you remain bullish with your take profit at 148.66 and stop-loss at 121.21. Should there be a break above the level 148.66, wait for a pullback and a bounce at it before you continue long, however, if there is a clear break below the supportive zone 128.11-127.08, I expect the value of USD to plunge toward the supportive levels 101.17 and 76.33.

Trade recommendation

Remain long with your take profit at 148.66.

Imelda Maseno
Analyst of «FreshForex» company
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