12 October 2021, USD/JPY
Technical observation
On the 4 hour chart above, price penetrated above a resistance zone 112.00-111.93 with a big green candle then rose steadily up to a resistance level 113.44 but could not break above it. It bounced at the line and is currently trading with an increasing bearish bias. This bearish movement is a retracement to the zone I have mentioned above and I expect price to descend to it followed by a bounce within it to pick long positions with my take profit at 113.44 and stop loss at 111.57.You can expect further movements of this pair to the upper side in case of a clear breakout above the resistance level 113.44 with a big green candle.
Trade recommendation
Wait for a correction to the zone 112.00-111.93 to buy USD.
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