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Remain long

Remain long | 06 October 2023

06 October 2023, USD/JPY

Technical observation

USD has been trading with an increasing bullish bias for several days now and today I expect a further momentum to the upper side. If you are holding bullish positions with this pair, I recommend that you remain in the trade with your take profit at 151.97 and stop-loss at 135.28. In case of a penetration below the level 151.97, wait for a retracement to the broken line and a bounce at it before you continue long with this pair, on the other hand, if USD clearly penetrates below the zone 138.75-138.22 with a big red candle, I expect the price to plummet towards the supportive levels 126.78, 112.70 or 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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