Remain long | 16 June 2023

16 June 2023, USD/JPY

Remain long

Technical observation

USD has been trading with an increasing bullish bias for several weeks now and this week it ascended further, if you are holding bullish positions i recommend you remain in the trade with your take profit at 151.83. In case the price penetrates above the level 151.83, wait for a correction and a bounce at it before you continue long, however, in case of a bounce at the same line, wait for a another correction to the zone 128.11-127.08 to re-buy USD. Should there be a clear break below the zone 128.11-127.08, I recommend you wait for a correction to the broken zone and a bounce at it before you short USD towards level 101.17 and 76.33.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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