17 Junio 2021, USD/JPY
Technical observation
USD retraced to a trend line as indicated on the daily chart above but could not break below it, it was contained above the line and is now trading with an increasing bullish bias. I expect this upwards movement to continue to the key level 110.96 followed by a clear breakout above it with a big green candle. If you are currently long with this pair, remain so with your take profit at 110.96 and stop loss at 108.69. In case price does not rise and instead breaks below the trend line indicated on the chart above, wait for a correction to it and a bounce at it to confirm possible bearish movements of price before you pick short positions.
Trade recommendation
Remain long with your take profit at 110.96.
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