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We are long towards 137.27

We are long towards 137.27 | 31 May 2022

31 May 2022, USD/JPY

Technical observation

Last week USD retraced to the supportive zone 126.34-125.60 but could not break below it, instead, price bounced above the same zone and since yesterday it has been trading with an increasing bullish bias. As long as USD is contained above the zone I mentioned earlier, I expect a continuation of this upwards movement towards the resistance level 137.27. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 137.27 and stop-loss at 122.41. In case of a clear penetration above the level 137.27, wait for a correction to it before you continue long with USD.

Trade recommendation

Remain long with your take profit at 137.27.

Imelda Maseno
Analyst of «FreshForex» company
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