06 Juli 2021, USD/JPY
Technical observation
USD declined and penetrated below a supportive level 111.02,right now it is trading with an increasing bearish bias below a the just broken line. I expect retracement to the level 111.02 followed by a bounce at it to pick short positions with my take profit at 109.78 and stop loss at 111.33. In case of a clear penetration below the supportive zone 109.78-109.69 with a big red candle, I expect the value of this pair to plummet to the lower supportive level 108.31 after a correction to the just broken zone. However, if price is sustained above the zone, wait for another retracement to the level 111.02 and a bounce at it to re-sell USD.
Trade recommendation
Wait for a correction to 111.02 to sell USD.
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