21 June 2022, USD/JPY
Technical observation
USD did not retrace to the lower side as I had anticipated but instead it continued to rally upwards, and it did not break above the level 135.43. I still expect a possible pullback to the supportive zone 131.43-131.20 followed by a bounce within it to pick long positions with my take profit at 135.43 and stop-loss at 129.63. In case of a clear break above the level 135.43, I expect a further surge to the upper side after a correction to the broken line. As it is on the 4 hour chart above, as long as price is sustained above the zone 131.43-131.20, I can only recommend long positions. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
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