06 Mei 2021, USD/JPY
Technical observation
USD declined and broke below the supportive zone 108.37-108.22 but it was not contained below it, it then rose above the same zone, retraced to it and bounced within the zone 107.38-108.22, price is currently trading with an increasing bullish bias and I expect this upwards movement to continue to the key level 110.96 followed by a clear breakout above it with a big green candle.My advice, if you are currently long with this pair, remain so with your take profit at 110.96 and stop loss at 107.47. In case of a clear breakout above the level 110.96 with a big green candle, wait for a correction to it and rejection before you continue long.
Trade recommendation
Remain long with your take profit at 110.96.