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We are long

We are long | 03 October 2023

03 October 2023, USD/JPY

We are long

Technical observation

USD pulled back to the supportive zone 128.11-127.08 for a second time then bounced within it and since then it has been trading with an increasing bullish bias, this week I expect a further surge to the upper side and if you are already holding bullish positions, I recommend that you remain in the trade with your take profit at 151.83 and stop-loss at 121.21. If the value of this pair ascends above the level 151.83 with a big green candle, I expect a further momentum to the upper side after a correction to the broken line; however, in case of a clear break below the zone 128.11-127.08, I expect a plunge towards the supportive levels 101.17 and 76.33.

Trade recommendation

Remain bullish with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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