07 May 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bullish bias above a supportive zone it established at 108.08-107.78. My expectation is a loss of this bearish movement within the zone for a possible rally to the upper side; however, price can still break below the same zone with a big red candle. If you are currently flat with this pair remain neutral is ideal than picking any position. You can place a buy limit order within the zone 108.08-107.78 with your take profit at 115.64 and stop loss at 106.56. In case of a breach below the same zone, wait for a pullback to it and a rejection of price within it before you pick short positions.
Trade recommendation
Remain neutral.
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