12 May 2020, USD/JPY
Technical observation
Yesterday, USD rose after a bounce within the supportive zone 106.96-106.92 and even broke above the resistance line 107.36. Price then retraced to the just broken line and bounced at it. Currently, USD is rallying with an increasing bullish momentum towards the key line 108.03 and I expect it to rise even higher to the resistance line 108.54. My advice, if you bought a bounce at the line 107.36 remain long with your take profit at 108.03 and stop loss at 107.19. As it is on the hourly chart above, I can only recommend long positions. Short positions can only be advisable in case of a penetration below the line 107.36.
Trade recommendation
Remain long with your take profit at 108.03.