19 May 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias between a supportive zone 104.74-104.22 and a resistance line 114.53. I expect either 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 for a momentum to the upper side. In case of a break below the zone 104.74-104.22, wait for a correction to it before you pick short positions, and in case of a bounce within the same zone, you can pick long positions within it with your take profit at 114.53. My advice, remaining neutral with this pair is ideal than picking any position.
Trade recommendation
Remain flat.
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