02 Februari 2021, USD/JPY
Technical observation
USD broke above a zone 104.58-104.42 with a big green candle, today it is still trading with an increasing bullish bias. I expect a correction to the just broken zone followed by a rejection within it to pick long positions with my take profit at 107.91 and stop loss at 103.31. If this take profit is hit and there is a clear breakout above it with a big green candle, I expect a further momentum to the upper side to the resistance line 112.08. However, if this pair is not contained above the zone 104.58-104.42 and penetrates below it, I expect it to plummet to the lower side to the supportive level 101.16.
Trade recommendation
Wait for a correction to the zone 104.58-104.42 to buy USD.
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