22 December 2021, USD/JPY
Technical observation
On the weekly chart above, price retraced to the resistance zone 114.72-114.29 and bounced within, it then declined for some time and currently USD is trading below the same zone with an increasing bullish. My expectation is either a clear breakout above the zone mentioned above with a big green candle, or a bounce within it followed by a momentum to the lower side. My advice, sell a bounce within the zone with your take profit at 107.91 and stop loss at 117.01. In case there is no bounce within the zone 114.72-114.29 but a clear breakout above it with a big green candle, wait for a correction to the broken zone before you pick long positions.
Trade recommendation
Remain flat.
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