Remain bullish | 11 August 2023

11 August 2023, USD/JPY

Remain bullish

Technical observation

Since it bounced within the supportive zone 138.75-138.22, USD has been trading with an increasing bullish bias and today I anticipate a further surge to the upper side, if you bought USD within the zone I mentioned above, remain in the trade with your take profit at 151.97 and stop-loss at 135.23, in case the price rises above the level 151.97, I expect the value of this pair to plummet further after a correction and a bounce at the broken line, on the other hand, should the price decline below the zone 138.75-138.22, I anticipate possible bearish movements towards the supportive levels 126.78, 112.70 and 102.50.

Trade recommendation

Remain bullish with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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