28 Oktober 2020, USD/JPY
Technical observation
USD is trading within a supportive zone 104.60-104.18; I expect a clear breakout below the zone with a big red candle followed by a retracement to it for a decline towards the supportive level 96.24. My advice, wait for a clear breakout below the zone 104.60-104.18 with a big red candle, followed by a correction to it confirming bearish movements of price before you sell USD with your take profit at 96.24 and stop loss at 106.57. In case of a break below the level 96.24, wait for a correction to the just broken line to confirm a further surge to the lower side before you continue short with USD.
Trade recommendation
Wait for a break below 104.60-104.18 to sell USD.