27 October 2023, USD/JPY
USDJPY is still in an impulsive phase. We can observe from the chart above that for the better part of yesterday, on '10/26/2023', the price trended to the upside without consolidating as it did before. The price is currently forming the outer major impulsive wave 'V,' and our target is the resistance zone at 151.8. You can consider placing a long position with a profit target of 151.89, and set your stop loss at 148.78. If you have an active buy position that is in profit, consider moving the stop loss to breakeven.
Trade Recommendations:
We're long for a long time
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