28 January 2021, USD/JPY
Technical observation
USD rose and broke above a key level 104.04 with a big green candle; it then retraced to it and was contained above the line. Right now price is rising steadily and I expect it to continue to the resistance line 104.39 followed by either a clear breakout above it with a big green candle, or another retracement to the supportive line 104.04. If you bought this pair at the line 104.04 after a bounce, remain long with your take profit at 104.39 and stop loss at 103.90. Should there be a clear breakout above the line 104.39, wait for a correction to it and a bounce before you continue long with this pair.
Trade recommendation
Remain long with your take profit at 104.39.
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