15 December 2021, USD/JPY
Technical observation
On the 4 hour chart above, price has been rising steadily towards the resistance zone 113.84-113.75 and i expect a loss of this upwards movement within the same zone followed by a possible momentum to the lower side. My advice, remain flat and wait for a correction to the zone 113.84-113.75 then sell a bounce within it with your take profit at 112.74 and stop loss at 114.21. In case of a clear breakout below the level 112.74 with a big red candle, I expect the value of this pair to plunge towards the supportive level 110.80 or even lower to the level 109.12. As long as USD is below the zone 113.84-113.75, I can only recommend short positions.
Trade recommendation
Remain flat.
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