11 August 2021, USD/JPY
Technical observation
USD retraced to a resistance zone it established at 110.62-110.58 but did not break above and as long as price is below this zone, I expect it to plummet to the supportive level 109.32. As it is in the chart above, you can pick short positions now with your take profit at 109.32 and stop loss at 110.91, however, if you are a bit skeptic to short this pair now wait for either a clear break below the supportive level 109.32 and a correction to it to sell USD, or another correction to the zone 110.62-110.58 to short USD. On the chart above, in case there is a clear breakout above the zone 110.62-110.58 with a big green candle, I anticipate a momentum to the upper side.
Trade recommendation
Sell USD now with your take profit at 109.23
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