14 December 2021, USD/JPY
Technical observation
On the 4 hour chart above USD is trading with an increasing bullish bias below the resistance zone 113.84-113.75; I expect a rise to the same zone followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone mentioned above then sell a bounce within it with your take profit at the supportive level 112.72 and stop loss at 114.20. In case there is a clear breakout below the level 112.72 with a big red candle, further bearish movements towards the lower supportive level 110.85 can be anticipated. I can only recommend bullish positions above the resistance zone 113.84-113.75.
Trade recommendation
Remain flat.
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