12 Februari 2021, USD/JPY
Technical observation
On the hourly chart above, price is trading with an increasing bullish bias within a resistance zone it established at 104.82-104.79. I expect a loss of this bearish movement within the same zone for a surge to the lower side; however, in case price penetrates above the zone with a big green candle, I expect the value of this pair to increase towards the key level 105.24. My advice, sell USD now within the zone mentioned above with your take profit at 104.36 and stop loss at 105.07. In case of a breakout above 104.82-104.79with a big green candle, wait for a retracement to it and a bounce within the zone before you buy USD.
Trade recommendation
Sell USD within 104.82-104.79 with your take profit at 104.36.
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