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Expecting a momentum to 151.89

Expecting a momentum to 151.89 | 21 November 2022

21 November 2022, USD/JPY

Expecting a momentum to 151.89

Technical observation

USD pulled back to the supportive zone 138.64-137.70 but did not break below it; instead it was rejected within the same zone and for some time now price has been trading with an increasing bullish bias. Today I expect a continuation of this upwards movement to the resistance level 151.89 followed by either a clear break above it with a big green candle, or a rejection of price at it. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 151.89 and stop-loss at 133.33. If there is a clear break above the level 151.89, continue long after a correction and a bounce at it.

Trade recommendation

Remain long with your take profit at 151.89.

Imelda Maseno
Analyst of «FreshForex» company
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