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Remain long

Remain long | 04 September 2023

04 September 2023, USD/JPY

Remain long

Technical observation

USD pulled back to the supportive zone it established at 138.75-138.22 for a third time then bounced within it and since then the value of this pair has been trading with an increasing bullish bias; today I expect the price to rally further to the upper side and in case you are already holding bullish positions with this pair, I recommend that you remain in the trade with your take profit at the resistance level 151.97 and stop-loss at 135.47. If there is a clear break below the zone 138.75-138.22 with a big red candle, I expect the value of USD to plunge towards the supportive levels 126.78, 112.70 or even lower to 102.50.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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