02 September 2021, USD/JPY
Technical observation
USD is declining steadily to a lower trend line as indicated on the chart above, my expectation is a continuation of this bearish movement to the level as indicated above followed by a rejection at it for rally to the upper side, My advice, remain flat temporarily and wait for a correction to the trend then buy a bounce at it with your take profit at 110.36 and stop loss at 109.15. In case there is a clear break below the lower trend with a big red candle, I expect price to plummet to the supportive 109.40 after a retracement to the broken level. On the flip side in case of a penetration above the upper trend line, I expect a surge to the upper side.
Trade recommendation
Remain flat temporarily.
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