28 October 2021, USD/JPY
Technical observation
On the 4 hour chart above, price is trading with an increasing bearish bias above the supportive zone 113.65-113.54; I expect either a rejection of this bearish movement within the zone followed by a rally to the upper side, or a clear breakout below the zone with a big red candle followed by a momentum to the lower side. If price bounces within the zone, pick long positions within it with your take profit at 114.63 and stop loss at 112.98, however, in case of a clear breakout below the same zone with a big red candle, wait for a retracement to the broken zone and a bounce within it to sell USD with your take profit at 111.98 .
Trade recommendation
Remain flat.
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