23 August 2023, USD/JPY
Technical observation
USD has been trading with an increasing bullish bias since it bounced within the supportive zone 128.11-127.08 and this week I anticipate a further surge to the upper side. If you are already holding bullish positions with this pair, remain in the trade with your take profit at 151.83 and stop-loss at 121.31, should there be a rise above level 151.83, wait for a correction and a rejection at the broken line before you continue long with USD, on the other hand, if there is a decline below the zone I mentioned earlier with a big red candle, I expect the price to plunge towards the supportive levels 101.17 and 76.33.
Trade recommendation
Remain long with your take profit at 151.83.
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