20 September 2023, USD/JPY
Technical observation
On the daily chart above, USD has been trading with an increasing bullish bias since it bounced within the supportive zone 138.75-138.22 and today I anticipate a further momentum to the upper side. In case you are already holding long positions with this pair, I recommend that you remain in the trade with your take profit at 151.97 and stop-loss at 135.28. Should there be a break above the level 151.97, I expect the price to plummet further to the upper side after a correction and a bounce at the broken line, on the other hand, I expect a possible plunge in the value of USD in case of a clear breach below the zone 138.75-138.22.
Trade recommendation
Remain long with your take profit at 151.97.
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