18 January 2021, USD/JPY
Technical observation
On the 4-hour chart above, price pulled back to the supportive zone 103.62-103.55 but could not break below it. Right now USD is trading with an increasing bullish bias and I expect this upwards movement to continue to the resistance line 104.69 followed by a penetration above it for a further surge to the upper side. My advice, if you bought USD within the zone 103.62-103.55 after a bounce, remain long with your take profit at 104.69 and stop loss at 103.21. In case of a clear penetration above the line 104.69 with a big green candle, wait for a correction to it before you continue long to the level 105.59.
Trade recommendation
Remain long with your take profit at 104.69.
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