05 October 2021, USD/JPY
Technical observation
USD retraced to a supportive level it had established at 110.79 but could not break below it and as long as price is contained above this zone, I can only recommend bullish positions. If you bought USD at the level 110.79 after a bounce, remain long with your take profit at 111.95 and stop loss at 110.41. In case of a clear breakout above the level 111.95 with a big green candle, I expect a retracement to the broken line followed by a bounce at it for a further momentum to the upper side, on the other hand, should there be a clear break below the supportive level 110.79 with a big red candle, I expect USD to decline towards the supportive zone 109.58-109.54 or even lower.
Trade recommendation
Remain long with your take profit at 111.95.
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