26 January 2021, USD/JPY
Technical observation
USD is trading with an increasing bearish bias below a resistance line it established at 104.53, my expectation is a surge to the lower side to the supportive zone 101.16 followed by either a clear breakout below it with a big green candle or a bounce at it. If you sold this pair at the line 104.53, remain short with your take profit at 101.16 and stop loss at 105.66. should there be a clear breakout above the line 104.53 with a big green candle, wait for a correction to the just broken line and bunce at it confirming possible bullish movements of price before you pick long positions towards 107.94.
Trade recommendation
Remain short with your take profit at 101.16.
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