25 August 2023, USD/JPY
Technical observation
On the weekly chart above, USD has been rising steadily for several weeks now and I still expect a further momentum to the upper side. If you picked bullish positions within the zone 128.11-127.08, I recommend that you remain bullish with your take profit at 151.83 and stop-loss at 121.31, in case the price rises above the level 151.83, wait for a correction and a bounce at the broken line before you continue long with this pair, on the other hand should there be a penetration below the supportive zone 128.11-127.08, I expect the price to plunge towards the key level 101.17 or even lower to 76.33.
Trade recommendation
Remain long with your take profit at 151.83.
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