12 November 2021, USD/JPY
Technical observation
On the daily chart above, price retraced to a supportive level 112.83 and it could not break below it, it was sustained above the line and for several days now it has been rising steadily with an increasing bullish bias. If you picked long positions at the level 112.83 after a bounce, remain long with your take profit at 114.35 and stop loss at 112.17. In case of a clear breakout below the level 112.83 with a big red candle, I expect the value of this par to decline towards the supportive zone 110.89-110.70. On the other hand, in case of a clear breakout above the level 114.35, I expect a further momentum to the upper side.
Trade recommendation
Remain long with your take profit at 114.35.
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