08 February 2021, USD/JPY
Technical observation
USD pulled back to a key level 105.34 but did not break below it, it was contained above the line and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 106.08 followed by either a clear breakout above it with a big a big green candle or a rejection at it followed by another correction to the line 105.34. My advice, if you bought USD at the line 105.34 after a bounce, remain long with your take profit at 106.08 and stop loss at 104.98. On the chart above, as long as price is contained above the line 105.34, you can only anticipate a rally to the upper side.
Trade recommendation
Remain long with your take profit at 106.08.
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