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Remain long

Remain long | 05 July 2023

05 July 2023, USD/JPY

Remain long

Technical observation

On the daily chart above, USD is trading with an increasing bullish bias between the supportive zone 138.75-138.22 and a resistance level 151.97. Today I expect a continuation of this upwards momentum and in case you are already holding bullish positions with this pair, my advice is that you remain in the trade and pick your profits at 151.97. If there is a clear breach above the level 151.97, wait for a correction to it before you continue long with USD, but in case of a break below the zone 138.75-138.22, you can short this pair towards the supportive levels 126.78, 112.70 and 102.50 after a retracement to the broken zone.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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