17 December 2020, USD/JPY
Technical observation
On the daily chart above, price is trading with an increasing bearish momentum at the supportive level 103.31. I expect this bearish to continue below the line followed by a correction to it and a bounce for momentum to the lower side. My advice, wait for a clear penetration below the line 103.31 and a correction to it to sell USD with your take profit at 101.19 and stop loss at 104.29. In case price breaks below the line 101.19 with a big red candle, you can expect the value of this pair to plummet further downwards. Only bearish positions look ideal and can be recommended for the pair on the chart above.
Trade recommendation
Wait for a clear breakout below the line 103.31 to sell USD.
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