23 July 2021, USD/JPY
Technical observation
USD rose to the resistance zone 110.38-110.31 and it is currently trading with an increasing bullish bias below it; I expect a loss of this bullish movement within the zone followed by a decline to the supportive level 109.62. My advice, remain flat temporarily and sell a bounce within the zone 110.38-110.31 with your take profit at 109.62 and stop loss at 110.80. In case of a penetration below the level 109.62 with a big red candle, I expect price to plummet further to the lower supportive level 108.62 after a correction to the just broken line and a bounce at it. As long a price is contained below the zone 110.38-110.31, only recommend short positions.
Trade recommendation
Remain flat temporarily.
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