Remain long | 29 August 2023

29 August 2023, USD/JPY

Remain long

Technical observation

Since it bounced within the supportive zone 127.08-125.76 USD has been trading with an increasing bullish bias and this week I expect a further momentum to the upper side, if you are already holding long positions with this pair i recommend that you remain in the trade with your take profit at 151.83 and stop-loss 119.07. In case of a penetration above the level 151.83, wait for a pullback to the broken line and a rejection at it before you continue long, as it is on the weekly chart above, as long as the value of USD is sustained above the zone 127.08-125.76, only bullish positions look ideal and can be recommended.

Trade recommendation

Remain long with your take profit at 151.83.

Imelda Maseno
Analyst of «FreshForex» company
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