21 Enero 2021, USD/JPY
Technical observation
USD did not rise as I had predicted on the chart above, instead, it declined and penetrated below the zone 103.70-103.62. Even though price did not hit my stop loss, as long as it is contained below the zone mentioned above, I expect a momentum to the lower side to the supportive line 102.64. My advice, wait for a correction to the zone 103.20-103.62 and a bounce within to sell USD with your take profit at 102.64 and stop loss at 104.01. Should there be a clear break above the zone with a big green candle, wait for a correction to it and a bunce confirming bullish movements of price before you buy USD.
Trade recommendation
Wait for a retracement to 103.20-103.62 to sell USD.