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We are bullish towards 151.83.

We are bullish towards 151.83. | 16 August 2023

16 August 2023, USD/JPY

We are bullish towards 151.83.

Technical observation

The pair above pulled back to a supportive zone 128.11-127.08 then bounced within it and since then it has been trading with an increasing bullish bias, this week i expect a further momentum to the upper side and in case you already picked bullish positions with this pair, I recommend that you remain in the trade with your take profit at 151.83 and stop-loss at 121.21. In case the price rises above the level 151.83, I expect the value of this pair to ascend further after a retracement to the broken line. As it is on the chart above, I can only recommend bearish positions in case of a clear breach below the zone 128.11-127.08.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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