21 July 2021, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias between a supportive zone 104.74-104.22 and a resistance level 114.53. My expectation is a momentum to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 114.53 and stop loss at 102.58. In case there is no bounce within the zone 104.74-104.22 but a clear breakout below it with a big red candle, I expect a retracement to the broken zone and a bounce within it to pick short positions. Right now as long as price is contained above the supportive zone 104.74-104.22, I can only recommend long positions.
Trade recommendation
Remain flat.
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