18 Agustus 2020, USD/JPY
Technical observation
The pair on the chart above was not contained above a zone 106.67-106.50. Price penetrated below the same zone and is currently trading with an increasing bearish momentum, I expect a correction to the zone mentioned above followed by a rejection within it for bearish price rally towards the supportive line 104.44. My advice, remain flat temporarily and wait for a correction to the zone 106.67-106.50 and a rejection within it to sell USD with your take profit at 104.44 and stop loss at 107.53. On your way downwards, the key levels to look for include 104.44 and the lower supportive level 102.28.
Trade recommendation
Remain flat temporarily.