10 марта 2021, USD/JPY
Technical observation
USD rose up to the resistance line 109.58 but could not break above it, it bounced at the line then decreased to the lower side for some time. I still expect a further decline to the supportive level 106.94 followed by a rejection at it to pick long positions. My advice, wait for a correction to the level 106.94 and a rejection at it to buy USD with your take profit at 109.58 and stop loss at 105.84. In case of a penetration above the line 109.58 with a big green candle, you can expect a momentum to the upper side after a correction to the just broken level and a rejection at it. I can only recommend bullish positions for USD.
Trade recommendation
Wait for a correction to 106.94 to buy USD.
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