07 Agosto 2023, USD/JPY
Technical observation
USD retraced to the supportive zone 138.75-138.22 three consecutive times but did not break below it, instead it bounced within this zone and since then it has been trading with an increasing bullish bias, today I anticipate a further momentum to the upper side and if you picked bullish positions within the zone mentioned above, remain in the trade with your take profit at 151.97 and stop-loss at 135.66. If the price ascends above the level 151.97, I expect the value of this pair to rally further to the upper side, contrary in case of a penetration below the zone 138.75-138.22; I expect the price to plunge towards levels 126.78, 112.70 or lower to 102.50.
Trade recommendation
Remain bullish with your take profit at 151.97.
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