29 October 2020, USD/JPY
Technical observation
USD is rallying with an increasing bearish momentum above a supportive line 104.20. I expect this bearish movement to continue to the line followed by a clear breakout below it with a big red candle. Wait for a break below the level 104.20 and a correction to it to sell USD with your take profit at 103.49 and stop loss at 104.48. In case there is no break below the line 104.20 but a bounce at it, wait for another correction to the zone 104.96-104.92 and a bounce within it to sell USD with your take profit at 104.20 and stop loss at 105.13. Only short positions look ideal for the pair on the chart above.
Trade recommendation
Remain flat temporarily.
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