03 February 2021, USD/JPY
Technical observation
Since it bounced at the level 104.69, USD has been rallying to the upper side and I expect it to hit the level 105.59 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by a pullback to the supportive level 104.69. If you are currently long with this pair, remain in the trade with your take profit at 105.59 and stop loss at 104.36. However, in case you are currently flat with this pair remain so and wait for either another correction to the line 104.69 and a bounce at it to buy USD or, a break above the line 105.59 and a correction to it to buy USD with your take profit at 106.39.
Trade recommendation
Remain long with your take profit at 105.59.
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