07 September 2021, USD/JPY
Technical observation
USD retraced to the lower trend level i had broken below and it could not break above it, price is contained below the level and as long as it stays below it, I expect a rally to the lower side. If you sold USD at the level 109.88 after a bounce, remain short with your take profit at 109.47 and stop loss at 110.03. In case of a clear breakout below the zone 109.47-109.40 with a big red candle, wait for a correction to the just broken zone and a rejection within it before you pick short positions towards 108.75. If price breaks above the lower level on the wedge indicated above, I expect a correction to it followed by a momentum to the upper side.
Trade recommendation
Remain short with your take profit at 109.47.
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