26 April 2021, USD/JPY
Technical observation
On the daily chart above, price broke below a supportive zone 108.37-108.22 and is still trading with an increasing bearish bias. I expect a loss of this bearish movement followed a rebound to the just broken zone and a rejection within it. My advice, remain neutral and wait for a correction to the zone 108.37-108.22 and sell USD within it after a bounce with your take profit at 104.72 and stop loss at 108.97. In case price is not contained below the zone mentioned above and instead penetrates above it, you can expect a possible momentum to the upper side after a retracement to the zone and price is contained within it.
Trade recommendation
Remain neutral.
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