04 October 2023, USD/JPY
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 trading with an increasing bullish bias, today I expect a further surge to the upper side and in case you are 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 135.28. If the price clearly penetrates above the level 151.97 with a big green candle, I expect it to plummet further to the upper side after a correction and a bounce at the broken line, on the other hand, I expect USD to plunge towards 126.78 in case of a clear break below the zone 138.75-138.22.
Trade recommendation
Remain long with your take profit at 151.97.
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