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We are bullish towards 151.83.

We are bullish towards 151.83. | 11 July 2023

11 July 2023, USD/JPY

Technical observation

USD retraced to the supportive zone 128.11-127.08 then bounced within and it and for several weeks now it has been trading with an increasing bullish bias. This week I anticipate a continuation of this upwards movement and if you are already holding bullish positions, remain in the trade with your take profit at 151.83 and stop-loss at 121.21. In case the price breaks above the level 151.83, I expect it to ascend further after a correction to the broken line, however should there be a break below the zone 128.11-127.08 with a big red candle, I expect possible bearish movements towards the supportive level 101.17.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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