11 May 2020, USD/JPY
Technical observation
USD pulled back to the resistance zone it established around 106.96-106.92 and could not penetrate above it. Price bounced within the zone 106.96=106.92 and is currently trading with an increasing bearish momentum. The ideal place to sell this commodity was within the above-mentioned zone after a bounce. If you sold USD within 106.96-106.92, remain short with your take profit at 106.39 and stop loss at 107.13. However, if you are currently flat with this pair, wait for another correction to the zone 106.96-106.92 and a rejection within it to sell USD. I can only recommend long positions above the zone 106.96-106.92.
Trade recommendation
Remains short with your take profit at 106.39.