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Expecting a momentum towards 151.97.

Expecting a momentum towards 151.97. | 29 June 2023

29 June 2023, USD/JPY

Expecting a momentum towards 151.97.

Technical observation

USD retraced to the supportive zone 138.75-138.22 for a second time then bounced within it and since then it has been rising steadily towards the resistance level 151.97. If you are already holding bullish positions with this pair, I recommend that you remain in the trade with your take profit at 151.97 and stop-loss at 135.66. Should there be a clear break above the level 151.97, wait for a correction and a rejection at the broken line before you continue long with this pair, however, in case of a bounce at the same line, wait for another correction to the zone 138.75-138.22 to re-buy USD.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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