27 August 2021, USD/JPY
Technical observation
On the chart above, USD is trading within a rising wedge as indicated, price retraced to the lower to a level 109.48 but could not break below the wedge, it was contained above 109.48 and as long it does not break below this level, I expect a momentum to the upper side. Last week USD went up with a big green candle and I expect this week’s candle to close bullish. If you picked long positions at 109.48 after a bounce remain long and pick your profits at 111.03 with your stop loss at 108.34. In case of a breakout above the level 111.03, I expect a further momentum to the upper side, however, in case of a break below the level 109.48, I expect price to plummet to 104.74.
Trade recommendation
Remain long with your take profit at 111.03.
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