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Remain long with your take profit at 151.83.

Remain long with your take profit at 151.83. | 08 August 2023

08 August 2023, USD/JPY

Remain long with your take profit at 151.83.

Technical observation

On the weekly chart above, the price pulled back to the supportive zone 128.11-127.08 and it was sustained above the zone, for several weeks now the price has been trading with an increasing bullish bias and this week I expect it to plummet even further to the upper side, If you are already holding bullish positions with this pair, remain in the trade with your take profit at 151.83 and stop 121.31, should there the price penetrate above the level 151.83, wait for a pullback to the broke line before you continue long with this pair, however, if the value of USD declines below zone 128.11-127.08, I expect bearish movements towards 101.17.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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