Remain long with your take profit at 151.83. | 25 Agustus 2023

25 Agustus 2023, USD/JPY

Remain long with your take profit at 151.83.

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.

Imelda Maseno
Analyst of «FreshForex» company
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