21 Juni 2021, USD/JPY
Technical observation
USD rose up to the resistance level 110.72 but could not break above it. Price is currently trading with an increasing bearish bias and this downwards movement is a correction to the supportive zone 108.15-107.94. My expectation is a surge to the zone I have mentioned above followed by a rejection within it to re-buy USD. Right now as it is on the daily chart above, remaining neutral with this pair is ideal than picking any position. My advice, wait for a correction to the zone 108.15-107.94 and bounce within it to buy USD with your take profit at 110.72 and stop loss at 107.17. I can only recommend short positions below the zone 108.15-107.94.
Trade recommendation
Wait for a correction to 108.15-107.94 to buy USD.