12 Agustus 2020, USD/JPY
Technical observation
USD is rallying with an increasing bullish bias within a resistance zone 106.67-106.50. I expect either a clear breakout above the zone with a big green candle or a rejection within it for bearish price movements. In case of a clear penetration above the zone, wait for a correction and a rejection within it to confirm bullish movements before you buy USD with your with your take profit at 109.24 and stop loss at 105.88. However, in case of a bounce within 106.67-106.50, short this pair within it with your take profit at 104.42 and stop loss at 107.55, right now remaining flat with this pair is ideal than picking any position.
Trade recommendation
Remain flat.