15 May 2023, USD/JPY
Technical observation
On the chart above, USD retraced to a trend line as shown above then bounced at it and since then it has been trading with an increasing bullish bias. If you are already holding bullish positions, I recommend you remain in the trade with your take profit at 137.70 and stop-loss at 132.23. Should there be a clear break above the zone 137.70-137.36, wait for a pullback and a bounce at the zone before you continue long with this pair towards the key level 142.40, on the other hand, in case of a clear break below the level 133.73, I anticipate a possible momentum to the lower side towards the supportive line 130.63 and 127.21.
Trade recommendation
Remain long with your take profit at 137.70.
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