06 January 2021, USD/JPY
Technical observation
On the hourly chart above, price went down to a supportive level 102.62 but did not break below it, instead, it bounced at the line then retraced to a resistance line marked at 102.90. USD bounced at the resistance line and is currently trading with an increasing bearish momentum and i expect this downwards movement to continue to the supportive line 102.62 followed by either a clear breakout below it with a big red candle, or a bounce at it. If you sold USD at the resistance line 102.90 after a bounce, remain short with your take profit at 102.62 and stop loss at 103.01. Only bearish positions look ideal for the pair above.
Trade recommendation
Remain short with your take profit at 102.62.
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