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We are long bullish towards 151.97

We are long bullish towards 151.97 | 22 August 2023

22 August 2023, USD/JPY

We are long bullish towards 151.97

Technical observation

The value of USD has been ascending steadily since it bounced within the supportive zone 138.75-138.22 and today I expect a further momentum to the upper side. In case you already picked bullish positions, my advice is, remain in the trade with your take profit at 151.97 and stop-loss at 135.66. If there is a rise above the level 151.97, wait for a correction and a bounce at this line before you continue long, on the other hand, should the price decline below the zone 138.75-138.22, short USD towards the supportive levels 126.78, 112.70 and 102.50 after a retracement to the broken zone and a rejection within it.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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