09 April 2021, USD/JPY
Technical observation
USD did not rally to the upper as I had earlier expected, instead it broke below the zone 109.46-109.35 with a big red candle then retraced to it and is currently trading with an increasing bearish bias below the same zone. I expect this bearish rally to continue to the supportive level 107.96 followed by a bounce at it for another correction to the zone 109.46-109.35. My advice, wait for a second retracement to the zone mentioned above and a rejection within it to sell USD with your take profit at 107.96 and stop loss at 109.96. As long as price is contained below the 109.46-109.35, you can only anticipate a surge to the lower side.
Trade recommendation
Remain flat.
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