02 November 2023, USD/JPY
Technical observation
USD bounced within the zone 127.15-126.28 for a second time and since then it has been trading with an increasing bullish bias, this week the price is at the level 151.87 and I expect either a clear break above it with a big green candle or a rejection of price at it, if you are holding bullish positions with this pair, pick your profits now at the level 151.78, should there be a rejection of price at the same level, wait for a correction to the zone I mentioned earlier to re-buy USD. On the weekly chart above as the long the price is sustained above the zone 127.150-126.28, only bullish positions are ideal and can be recommended.
Trade recommendation
Remain flat.
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