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Remain long

Remain long | 07 June 2023

07 June 2023, USD/JPY

Remain long

Technical observation

Since it bounced within the supportive zone 127.08-128.11, USD has been trading with an increasing bearish bias and this week I expect it to ascend even further. If you picked bullish positions within the zone mentioned above, remain in the trade with your take profit at 151.83 and stop-loss at 121.21, and should the price rise above the level 151.83, wait for a correction to the broken line and a bounce at it before you continue long with USD. However, if there is a clear breach below the zone 127.08-128.11, you can wait for a pullback to the same zone and a rejection within it before you short USD towards the level 101.17.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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