19 July 2023, USD/JPY
Technical observation
USD retraced to the supportive zone 138.75-138.22 for a second time but did not break below it, instead it bounced within the same zone and it is currently trading with an increasing bullish bias, as long as the price is sustained above the zone I mentioned earlier, i anticipate possible bullish momentum and in case you are already holding long positions with this pair, you can remain in the trade with your take profit at 151.97 and stop-loss at 135.27. If the price clearly penetrates above the level 151.97 with a big green candle, I expect it to ascend further after a correction and a rejection at the broken line.
Trade recommendation
Remain long with your take profit at 151.97.
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