22 February 2021, USD/JPY
Technical observation
On the 4-hour chart above, price retraced to a supportive level it established at 105.30 for a second time but did not break below it, it was contained above the same line and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 106.21 followed by either clear breakout above it with a big green candle or a bunce at it followed by another correction to the line 105.30. My advice, if you bought USD at the line 105.30, remain long with your take profit at 106.21 and stop loss at 104.89. I can only recommend short positions below the line 105.30.
Trade recommendation
Remain long with your take profit at 106.21.
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