16 February 2021, USD/JPY
Technical observation
On the 4-hour chart above, price retraced to a supportive level 105.24 but could not break below it; it was contained above the line and is currently trading with an increasing bullish momentum. I expect this upwards movement to continue to the line 105.68 followed by either a clear penetration above it with a big green candle, or, a rejection at it followed by another correction to the line 105.24. My advice, if you bought USD at level 105.24 after a bounce, remain long with your take profit at 105.68 and stop loss at 105.10. In case of a breakout below the line 105.24, wait for a retracement to it before you sell USD.
Trade recommendation
Remain long with your take profit at 105.65.
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