29 March 2021, USD/JPY
Technical observation
USD is trading with an increasing bearish bias between a supportive zone 104.97-104.66 and a resistance level 114.80. I expect a correction to the zone mentioned above followed by a rejection within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 104.97-104.66 to buy USD with your take profit at 114.80 and stop loss at 102.54. On the weekly chart above, as long as price is contained above the zone 104.97-104.66, I can only recommend bullish positions for this pair. Should price penetrate above the level 114.80, I expect a further rise towards the level 121.34.
Trade recommendation
Remain flat.
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