29 Mei 2020, USD/JPY
Technical observation
The pair on the hourly chart is trading on an upward trend and is currently rallying between a supportive zone 107.37-107.35 and a resistance line 107.93. My expectation is either a decline to the supportive zone and a rejection within it, or a rise to the resistance line followed by a clear penetration above it. In case of a decline and a rejection within 107.37-107.37, buy USD within it with your take profit 197.93 and stop loss at 107.25. Should there be a clear penetration below the zone 107.37-107.35 with big red candle, wait for a correction to the just broken zone before you pick short positions towards 106.88.
Trade recommendation
Remain flat.