28 September 2021, USD/JPY
Technical observation
The pair above rose tremendously to the upper side breaking above the resistance level 110.79 with a big green candle, this is a bullish dominance signal and as long as price is above the level 110.79, wait for a minor pullback to it and a rejection to pick long positions with your take profit at 111.64 and stop loss at 110.53. However, if price closes below the level 110.79 then you can expect a short position towards the supportive level 109.58. On the flip side, in case of a clear break above the level 110.79 with a big green candle, I expect price to plummet further to the upper side after a retracement to the broken line and a bounce at it.
Trade recommendation
Wait for a correction to the level 110.79 to buy USD.
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