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We are bullish towards 151.97.

We are bullish towards 151.97. | 17 October 2023

17 October 2023, USD/JPY

We are bullish towards 151.97.

Technical observation

On the chart above, USD bounced within the supportive zone 138.75-138.22 and since then it has been trading with an increasing bullish bias, today I expect a continuation of this upwards momentum and in case you already 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 135.66 , in case of a clear break above the level 151.97 with a big red candle, I expect the value of USD to ascend even further after a correction and a bounce at the broken line, on the other hand, if the price descends below the zone 138.75-138.22, I anticipate bearish movements towards 126.78.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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