07 Marzo 2023, USD/JPY
Technical observation
USD retraced to the supportive zone 126.23-127.35 then bounced within it and since then it has been trading with an increasing bullish bias and as long as it is sustained above the zone I mentioned earlier, I expect a further surge to the upper side, If you are currently holding bullish positions with the pair above, I recommend that you remain in the trade with your take profit at 152.01 and stop-loss at 119.12. If there is a clear break above the level 152.01 with a big green candle, I expect the value of this pair to ascend further after a pullback to the broken line, but should there be a penetration below the zone 126.23-127.35, then I expect the price to plunge towards 101.17.
Trade recommendation
Remain long with your take profit at 152.01.
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