01 November 2021, USD/JPY
Technical observation
On the daily chart above price retraced to the resistance zone it established at 114.18-114.09 and it is now trading with an increasing bullish bias. I expect a loss of this upwards movement within the same zone followed by a momentum to the lower side, however, if price is not sustained below the zone and instead it clearly breaks above it with a big green candle, there is a possibility of a surge in price to the upper side. My advice, wait for a bounce within the zone 114.18-114.09 confirming a rally to the lower side then pick short positions with your take profit at 113.25 and stop loss at 114.57. I expect price to plummet further below the level 113.25.
Trade recommendation
Remain neutral temporarily.
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