17 May 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.53. I expect either a rise to the level 114.53 followed by a clear breakout above it with a big green candle, or a decline to the zone mentioned above followed by either a clear penetration below it with a big red candle, or a bounce at it. In case of break above the level 114.53, I expect a momentum to the upper side towards the key level 125.70; however, in case of a clear breakout below the zone 104.74-104.22 with a big red candle, I expect a change in the direction of movement of price to lower side.
Trade recommendation
Remain neutral.
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