27 October 2023, USD/JPY
Technical observation
USD is trading with an increasing bullish bias slightly below the resistance level 151.87 and this week I expect it to close bullish. Next week I expect either a further momentum to the upper side or a rejection at this line followed by a correction to the zone 127.15-126.28; in case of a pullback to the zone 127.15-126.28 re-buy USD within it with your take profit still at 151.87 and stop-loss at 121.31, on the other hand if there is a clear break below the zone 127.15-126.28, remain neutral and wait for a pullback to this zone before you pick short positions towards the supportive level 100.27 or lower to 75.65.
Trade recommendation
Remain neutral.
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