03 December 2021, USD/JPY
Technical observation
On the 4 hour chart above, price is trading between a supportive level 112.60 and the resistance zone 113.79-113.74, I expect a continuation of this upwards movement to the zone mentioned above followed by a rejection within it to short this pair with my take profit at 112.60 and stop loss at 1.1445. In case price is not sustained below the zone mentioned above and instead it breaks above it with a big green candle, bullish movements of price can be anticipated after a correction to the broken zone and a bounce within it, on the other hand, in case of a clear breakout below the level 112.60, you can expect a further rally to the lower side.
Trade recommendation
Remain neutral.
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