04 August 2023, USD/JPY
Technical observation
USD retraced to the supportive zone 128.11-127.08 for a second time then bounced within it and since then it has been trading with an increasing bullish bias. If you are already holding bullish positions with this pair, I recommend that you remain in the trade with your take profit at 151.83 and stop-loss at 121.21. If there is a clear penetration above the level 151.83, I expect the value of this pair to rise further after a correction and a bounce to the broken line, on the other hand, if the price breaks below the zone 128.11-127.08; I anticipate a plunge towards the supportive levels 101.17 or lower to 76.33.
Trade recommendation
Remain long with your take profit at 151.83.
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