23 April 2021, USD/JPY
Technical observation
On the chart above, price recently broke below the supportive zone 108.37-108.22 with a big red candle and is still showing signs of declining even further, I however expect a loss of this bearish movement followed by an increase in price towards the just broken zone. This expected bullish movement is a correction to the zone 108.37-108.22 and I expect the previous supportive zone to act as a resistance in this case for a momentum to the lower side. My advice, remain flat and wait for a correction to the zone 108.37-108.22 and a bounce within it to sell USD with your take profit at the supportive level 104.72 and stop loss at 108.97.
Trade recommendation
Remain flat.