05 Februari 2021, USD/JPY
Technical observation
USD rose up to the resistance line 105.59 but could not break above it, it bounce at the same line and right now it is trading with an increasing bearish bias. This bearish movement is a retracement to the level 104.69 and I expect it to continue to it followed by a rejection at it to re-buy USD. My advice, remain flat and wait for a correction to the line 104.69 and a rejection at it to buy USD with your take profit at 105.59 and stop loss at 104.39. Should there be a clear penetration above 105.59 with a big green candle, wait for a correction to the just broken line before you pick long positions towards 106.39.
Trade recommendation
Remain flat.
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