16 May 2023, USD/JPY
Technical observation
USD pulled back to the resistance zone 28.11-127.08 then bounced within it and for the past four consecutive weeks the price has been trading with an increasing bullish bias. This week I expect a further surge to the upper side and in case you are already holding bullish positions with this pair, you can remain in the trade with your take profit at 148.66 and stop-loss at 121.99. Should there be a clear break above the level 148.66, you can expect the price to ascend further after a correction to the broken line, contrary should the value of this pair decline below the zone 128.11-127.08, I anticipate bearish movements towards the supportive level 101.17.
Trade recommendation
Remain long with your take profit at 148.66.
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