02 Abril 2021, USD/JPY
Technical observation
On the weekly chart above, I had anticipated a decline to the supportive zone 104.97-104.66, however, price went up with a big green candle and is still showing signs of rising even further. In case of a rise to the key level 114.80, I expect a clear breakout above it with a big green candle and therefore further bullish movements of price towards the key level 121.34. However in case of a decline to the supportive zone mentioned above, I expect either a clear breakout below it with a big red candle, or a bounce at it. Right now, as it is on the weekly chart above, remaining neutral with this pair more ideal than picking any positions.
Trade recommendation
Remain flat.
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