11 Februari 2020, USD/JPY
Technical observation
USD is trading with an increasing bullish momentum above a supportive zone it established around 109.74-109.62 and I expect this upward movement to continue towards the key level 111.00. If you bought USD within the zone 109.74-109.62 after a bounce, remain long with your take profit at 111.00 and stop loss at 108.99. The key levels to look for on the daily chart above include 111.00, 112.37 and 114.04. As long as price is contained above the zone 109.74-109.62, only bullish price movements can be anticipated bearish price rally can only be expected below the zone 109.74-109.62 towards 108.04.
Trade recommendation
Remain long with your take profit at 111.00.