01 December 2021, USD/JPY
Technical observation
The pair on the 4 hour chart above is retracing to the resistance zone it established at 113.84-113.75 and I expect a loss of this bullish movement within the zone followed by a rally to the lower side. My advice, remain flat and wait for a correction to the zone I have mentioned above then pick short positions within it after a bounce with your take profit at 112.52 and stop loss at 114.35. As long as this pair is sustained below the zone 13.84-113.75, you can only anticipate bearish movements of price. On your way downwards the key levels to look for include, 112.52, 110.83 and the lower supportive level 109.11.
Trade recommendation
Remain flat.
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