05 April 2021, USD/JPY
Technical observation
USD is still trading between the supportive zone 104.97-104.66 and a resistance line 114.80. I expect either a decline to the zone mentioned above followed by a bounce within it or, a rise to the resistance level 114.80 followed by a clear breakout above it with a big green candle. In case of a correction to the zone 104.97-104.66, buy USD within it after a bounce with your take profit at 114.80, and should there be a break above the level 114.80, wait for a correction to it and a bounce before you pick long position. Ion case of clear breakout below the zone 104.99-104.66 with a big red candle, you can expect a momentum to the level 96.23.
Trade recommendation
Remain flat.
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