30 August 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias above a supportive zone 108.12-107.78; I expect a continuation of this bearish movement to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 114.08. In case of a clear break above the level 114.08 with a big green candle, I expect a further momentum to the upper side to the key level 121.53. However, in case of a clear break below the supportive zone 108.12-107.78 with a big red candle, I expect the value of this pair to plummet steadily to the supportive level 103.22 after a correction to the broken zone.
Trade recommendation
Wait for a correction to 108.12-108.78 to buy USD.
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