10 November 2023, USD/JPY
Technical observation
This week the value of USD has been trading with an increasing bullish bias at the level 151.35 and I expect it to close bullish, I also anticipate either a possible break above the level indicated above 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 level 151.31. In case the price bounces at the same level, wait for another correction to the supportive zone 127.88-126.95 to re-buy USD with your take profit still at 151.35 and stop-loss at 119.49. On the chart above, I can only recommend bearish positions in case of a clear penetration below the zone 127.88-126.95.
Trade recommendation
Remain neutral.
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