Forex Technical Analysis: Trend potential – Expecting a rally to the level 123.23.

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Forex Technical Analysis: Trend potential - Expecting a rally to the level 123.23.

USDJPY – Down

Technical observation

Since it bounced within the supportive zone 114.15-113.67, USD has been trading with an increasing bullish bias and I expect price to ascend further to the resistance zone 123.23. At this level, my expectation is either a clear penetration above it with a big green candle, or a rejection at it followed by another retracement to the zone I have mentioned above. If you are currently holding bullish positions with the pair above, my advice is that you remain long with your take profit at 123.23 and stop loss at 112.23. On the weekly chart above as long as the value of USD is sustained above the zone 114.15-113.67 i can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 123.23.

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Source: Forex Technical Analysis: Trend potential - Expecting a rally to the level 123.23.

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