29 January 2021, USD/JPY
Technical observation
USD rose steadily and is currently trading below the resistance line 104.69 with an increasing bearish bias. If you bought this pair within the zone 103.70-103.62, at the level 104.69 was the ideal place to pick your profits. I expect either a decline to the supportive zone mentioned above followed by either bounce within it to re-buy USD or, a clear breakout above the line 104.69 with a big green candle followed by a retracement to it for a further surge to the upper side to the resistance line 105.59. My advice, remain flat and wait for a either a correction to the zone 103.70-103.62 or a break above 104.69 to buy USD.
Trade recommendation
Remain neutral.
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