04 February 2021, USD/JPY
Technical observation
USD is still trading with an increasing bullish bias above a level 104.44, I expect a correction to the same line followed by a rejection at it to buy this pair with my take profit at 107.94 and stop loss at 104.31. Should there be a clear breakout above the zone 108.17-107.94 with a big green candle, I expect this pair to rally to the upper side after a correction to the just broken zone and a bounce at it. On your way upwards the key levels to look for include, the resistance zone 108.17-107.94, 111.34 and the key level 114.06. As long as USD is contained above 104.44, I can only recommend bullish positions
Trade recommendation
Wait for a retracement to 104.44 to buy USD.
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