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Wait | 26 October 2023

26 October 2023, USD/JPY

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Technical observation

USD is trading with an increasing bullish bias at the resistance level 149.97 and today expect either a rejection of this upwards movement followed by a correction to the supportive zone 144.75-144.52, or a clear break above the same level with a big green candle. If there is clear break above level 149.97 wait for a pullback to this broken line before you continue long with this pair, but should there be a rejection at the level 149.97, wait for another correction to the zone I mentioned earlier to re-buy USD. As it is on the 4 hour chart above, as long as the value of USD is sustained above the 144.75-144.52, I can only recommend bullish positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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