Expecting a rally towards 151.97 | 28 September 2023

28 September 2023, USD/JPY

Expecting a rally towards 151.97

Technical observation

USD has been trading with an increasing bullish bias since it bounced within the supportive zone it established at 138.75-138.22, today I expect the price to ascend even further and in case you are already holding bullish positions, remain in the trade with your take profit at 151.97 and stop-loss at 135.28. If there is a clear break above the level 151.97, wait for a correction and a bounce at this line before you continue long with USD, contrary should there be a clear penetration below the zone 138.75-138.22, I expect the value of USD to plunge towards the supportive levels 126.78, 112.70 and 102.50.

Trade recommendation

Remain long with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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