10 Mei 2021, USD/JPY
Technical observation
On the weekly chart above, price retraced to a supportive zone 108.08-107.78 but could not break below it, it bounced within the zone and currently it is trading with an increasing bullish momentum. As long as USD is contained above the zone mentioned above, I only expect upwards movement of price towards the key level 115.64. If you bought USD within the zone mentioned above after a bounce, remain long with your take profit at 115.64 and stop loss at 106.60. In case of a clear breakout below the zone 108.08-107.78 with a big green candle, wait for a correction and a rejection within it before you short USD.
Trade recommendation
Remain long with your take profit at 115.64.