24 August 2021, USD/JPY
Technical observation
USD retraced to the supportive zone it established at 109.64-109.59 but could not break below it, price was sustained above the zone and as long as it is above it I expect nothing but a momentum to the upper side. If you bought USD within the zone I have mentioned above after a bounce, remain long with your take profit at 110.75 and stop loss at 109.29. In case if a clear breakout above the level 110.75 with a big green candle, I expect a further rally to the upper side after a correction to the broken line. On the chart above, if price breaks below the zone 109.64-109.59 with a big red candle, I expect a possible surge to the lower side after a correction to the broken zone.
Trade recommendation
Remain long with your take profit at 110.75.
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