21 April 2021, USD/JPY
Technical observation
USD is trading with an increasing bearish bias between a supportive zone 106.83-106.66 and a resistance line 109.89. In case you are currently short with this pair, remain so with your take profit at 106.83 and stop loss at 110.73, however if you are currently neutral with this pair, remain so and wait for another correction to the key level 109.89 and a bounce at it to pick short positions. Should there be a clear breakout below the supportive zone 106.83-106.66 with a big red candle, I expect a correction to the just broken zone followed by a bounce within it for surge in price towards the lower supportive level 104.39.
Trade recommendation
Remain short with your take profit at 106.83.
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