01 Februari 2021, USD/JPY
Technical observation
USD rallied upwards significantly and broke above a resistance line 104.68 with a big green candle; it then reacted to the line and bounced at it. Right now price is trading with an increasing bullish bias and I expect this upwards movement to continue to the resistance line 105.56 followed by a clear breakout above it. If you bought USD at the line 104.68 after a bounce, remain long with your take profit at 105.56 and stop loss at 104.45. Should there be a clear break above the line 105.56 with a big green candle, wait for a pullback to it and a bounce before you continue long with your next take profit at 106.46.
Trade recommendation
Remain long with your take profit at 105.56.
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