16 August 2021, USD/JPY
Technical observation
USD retraced to the supportive zone 109.64-109.59 but could not break below it, price bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the level 110.75 followed by a clear breakout above it with a big green candle. If you bought this pair within the zone I have mentioned above after a bounce, remain long with your take profit at 110.75 and stop loss at 109.31. If price does not rise and instead penetrate below the zone 109.64-109.59 with a big red candle, wait for a pullback to the just broken zone and short this pair within it towards the level 108.42.
Trade recommendation
Remain bullish with your take profit at 110.75.
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