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Remain long

Remain long | 30 October 2023

30 October 2023, USD/JPY

Remain long

Technical observation

On the chart above the price 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 clear penetration above the level 151.97 or a rejection of price at it followed by a rally to the lower side. If you are currently holding bullish positions with this pair pick your profits now at the level 151.97, however, if you are neutral, wait for a correction to the supportive zone 138.75-138.22 to re-buy this pair with your take profit still at 151.97 and stop-loss at 135.62. In case of a clear break above the level 151.97 with a big green candle, I expect the value of USD to ascend further after a retracement to the broken line. On the chart above, I can only recommend short positions below the zone 138.75-138.22.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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