15 Julio 2021, USD/JPY
Technical observation
On the chart above, price retraced to a resistance level 110.75 but could not break above it, it bounced below the line and for several days now it has been declining steadily towards the supportive zone 109.71-109.66. If you sold USD at the line 110.75 after a bounce, remain short and pick your profits at the level 109.71. In case you are neutral with this pair, wait for either another correction to the resistance level 110.75 and a rejection at it to sell USD or a clear breakout below the zone 109.71-109.66 with a big red candle followed by a rejection at it to sell USD. I can only recommend short positions for the pair above.
Trade recommendation
Remain short with your take profit at 109.71.
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