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We're bullish towards 151.83

We're bullish towards 151.83 | 04 July 2023

04 July 2023, USD/JPY

We're bullish towards 151.83

Technical observation

USD retraced to the supportive zone 128.1-11-127.08 twice and both times it was sustained above the same zone, for the past three consecutive weeks the price has been rising steadily and it still shows signs of ascending even further, if you are currently holding bullish positions with this pair, I recommend that you remain in the trade and pick your profits at 151.83. In case there is a clear breach above the level 151.83, I expect a further increase in the value of the value of USD after a pullback to the broken line. As it is on the chart above, I can only recommend short positions in case of a clear penetration below the zone 128.1-11-127.08.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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