14 April 2021, USD/JPY
Technical observation
On the chart above, price is trading with an increasing bullish bias above a supportive level 108.39, I expect this upwards movement to continue to the resistance zone 109.98-109.8 followed by a bounce within it to pick long positions. My advice, remain flat and wait for a correction to the zone mentioned above to buy USD with your take profit at 108.39 and stop loss at 110.48. Should there be a clear penetration below the level 108.39 with a big red candle, wait for a correction to the just broken line and a bounce at it confirming further bearish movements of price before you continue short towards the level 106.51.
Trade recommendation
Remain neutral.
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