We're flat | 14 May 2021
14 May 2021, USD/JPY
Technical observation
On the 4 hour chart above, USD rose and bounced below a resistance line 109.89. It is currently trading with an increasing bearish and I expect this downwards movement to continue to the supportive zone 108.43-108.35. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any position. In case there is a rejection of price within the zone mentioned above, pick long positions with your take profit at 109.89 and stop loss at 107.97. And should price break below the zone I have mentioned above with a big red candle, wait for a correction to it and a bounce confirming a possible rally to the lower side before you short USD.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
