22 Juli 2021, USD/JPY
Technical observation
On the chart above, price is trading with an increasing bearish bias above a supportive zone it established at 109.91-109.85, I expect a continuation of this downwards movement to the zone I have mentioned above followed by a bounce within it for a momentum to the upper side. My advice, remain neutral temporarily and wait for a correction to the zone 109.91-109.85 then buy a bounce within it with your take profit at 110.75 and stop loss at 109.52. On the 4 hour chart above, as long as price is contained above the zone 109.91-109.85 I can only recommend bullish position for the pair, short positions can only be advisable below 109.91-109.85.
Trade recommendation
Remain neutral temporarily.
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