07 July 2021, USD/JPY
Technical observation
On the daily chart above, price is trading with an increasing bearish bias below a resistance level 111.65 and this bearish movement is a retracement to the supportive zone this pair established at 108.15-107.94. I expect downwards movements to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 111.65 and stop loss at 107.15. In case price does not retrace to the zone I have mentioned above and instead penetrates above the key level 111.65 with a big green candle, wait for a pullback to it and a bounce confirming a surge to the upper side before you buy USD towards 114.65.
Trade recommendation
Remain neutral.
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