11 February 2021, USD/JPY
Technical observation
USD did not increase to the upper side as I had anticipated; instead, it penetrated below a key level 104.86 and is currently trading below it with an increasing bearish bias. I expect this downwards movement to continue to the supportive zone 103.69-103.63 followed by a bounce at it. If you sold USD at the line 104.86 after a retracement to it, remain short with your take profit at 103.69 and stop loss at 105.11. Should there be a clear penetration above the line 104.86 with a big green candle, wait for a correction to it and a bounce confirming bullish movements of price before you buy USD.
Trade recommendation
Remain short with your take profit at 103.69.
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