18 июня 2021, USD/JPY
Technical observation
On the daily chart above, price rose up to the resistance level 110.96 but could not break above it, it bounced at the line and is currently trading with an increasing bearish bias and this bearish movement is a correction to the supportive zone 108.15-107.94. I expect this downward movement to continue to the zone I have mentioned above followed by a rejection within it to re-buy USD with my take profit at 110.96 and stop loss at 107.02. Right now as it is on the chart above, remaining neutral is ideal than picking any positions. In case of a clear breakout below the zone 108.15-107.94, I expect price to plummet to the supportive level 104.53.
Trade recommendation
Remain neutral.
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