04 September 2023, USD/JPY
Technical observation
USD pulled back to the supportive zone it established at 138.75-138.22 for a third time then bounced within it and since then the value of this pair has been trading with an increasing bullish bias; today I expect the price to rally further to the upper side and in case you are already holding bullish positions with this pair, I recommend that you remain in the trade with your take profit at the resistance level 151.97 and stop-loss at 135.47. If there is a clear break below the zone 138.75-138.22 with a big red candle, I expect the value of USD to plunge towards the supportive levels 126.78, 112.70 or even lower to 102.50.
Trade recommendation
Remain long with your take profit at 151.97.