25 February 2021, USD/JPY
Technical observation
USD continues to rise steadily towards the resistance line 107.91. My expectation is a rejection of this upwards movement at the same line followed by a correction to the supportive zone 104.76-104.57 to re-buy USD. However, this pair could still break above the level 107.91 with a big green candle, if this happens, I anticipate a correction to it and bounce followed by bullish movements of price towards the upper resistance line 112.08. If you are currently long with this pair, remain in the trade with your take profit at 107.91 and stop loss at 102.99. I can only recommend short positions below 104.76-104.57.
Trade recommendation
Remain long with your take profit at 107.91.
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