21 Enero 2019, USD/JPY
Technical observation
Price went above a resistance zone 108.90-108.72 and is currently rallying above it, my expectation is either a correction to the just broken zone and a bounce at it for bullish price rally or a penetration below the just broken zone followed by a correction to it for bearish price momentum. Should there be a correction to 108.90-108.72 and a rejection at it buy this pair on the second retracement to the zone, but in case of a clear penetration below the just broken zone then the breakout seen on the chart above was false and you can wait for a correction to 108.90-108.72 to pick short position with your take profit at 106.60 and stop loss at 109.66.
Trade recommendation
Remain flat.
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