20 July 2021, USD/JPY
Technical observation
USD declined and penetrated below a supportive zone 109.71-109.65 with a big red candle, it then retraced to the just broken zone but could not break above it, price was sustained below the zone and as long as it is below it, I expect a surge to the lower side to the supportive level 108.43. If you picked short positions within the zone 109.71-109.65 after a bounce, remain short with your take profit at 108.43 and stop loss at 110.00, in case you are neutral with this pair, wait for another correction to the zone 109.71-109.65 and a rejection within it to sell USD, or a clear breakout below the line 108.43 and a retracement to it to pick short positions.
Trade recommendation
Remain short with your take profit at 108.43.
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