We are long towards 151.97. | 18 August 2023

18 August 2023, USD/JPY

Technical observation

The value of the pair on the chart above has been trading with an increasing bullish bias for the past three consecutive days and today I anticipate a further rally to the upper side. If you are holding bullish positions with this pair, remain in the trade with your take profit at 151.97 and stop-loss at 135.66, should the price rise above the level 151.97, wait for a pullback and a bounce within this zone before you continue long with USD, on the other hand, if the value of this pair declines below the zone 138.75-138.22 with a big red candle, wait for a retracement to the broken zone before you short USD towards the supportive levels 126.78, 112.70 and 102.50.

Trade recommendation

Remain bullish with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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