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.