13 Mei 2021, USD/JPY
Technical observation
USD retraced to the supportive zone 108.08-107.7 but did not break below it, price bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance zone 115.64 followed either a clear breakout above it or a rejection at it. 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 106.30. Should there be a clear break below the zone 108.08-107.78 with a big red candle, wait for a correction to the just broken zone and a rejection within it confirming a possible rally to the lower side before you short USD.
Trade recommendation
Remain long with your take profit at 115.64.