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Remain long with take profit at 151.83

Remain long with take profit at 151.83 | 26 July 2023

26 July 2023, USD/JPY

Remain long with take profit at 151.83

Technical observation

USD retraced to the supportive zone 128.11-127.08 then bounced within it, since then it has been trading with an increasing bullish bias and this week I expect a further surge to the resistance level 151.83. If there is a clear break above the level 151.83 with a big green candle, I expect the price to ascend further after a correction to broken line, and in case of a bounce at the same line wait for another correction to the zone 128.11-127.08 re-buy USD. Should there be a clear break below the zone 128.11-127.08 I expect the value of USD to plunge towards the supportive levels 101.17, 76.33 or lower.

Trade recommendation

Remain long with take profit at 151.83 and stop-loss at 121.31.

Imelda Maseno
Analyst of «FreshForex» company
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