23 Agosto 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias above a supportive zone 108.12-107.78, this bearish movement is a correction to the zone I have mentioned above and I expect a loss of it within the same zone for a surge to the upper side. However, if price does not bounce within the zone 108.12-107.78 and instead it penetrates below it with a big red candle, I expect the value of this pair to plummet to the lower supportive level 103.22. My advice right now, wait for a correction to the zone I have mentioned above and a rejection within it to buy USD with your take profit at 114.08 and stop loss at 106.38.
Trade recommendation
Remain flat.
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