11 June 2021, USD/JPY
Technical observation
For several weeks now USD has been trading between a supportive zone 104.74-104.22 and a resistance level 114.53, last week price went down and I expect this week’s pair to close bearish too. If price declines to the zone I have mentioned above, I expect either a clear breakout below it with a big red candle, or a rejection of price within it. I can only recommend short positions below the zone 104.74-104.22 after a retracement to it, however, in case there’s no break below 104.74-104.22 but a rejection within it, pick long positions within the zone with your take profit at 114.53. In case of a break above 114.53, expect a further momentum to the upper side.
Trade recommendation
Remain neutral.
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