17 Agustus 2021, USD/JPY
Technical observation
USD declined steadily to the supportive level it established at 109.32 and penetrated below it with a big red candle. As long as price is sustained below the just broken level, I anticipate bearish movements to the supportive level 107.61, however, if price is not contained below the level 109.32 and instead it breaks above it with a big green candle, I expect a possible momentum of price to the resistance zone 110.62-110.58. Right now price is trading with an increasing bullish bias below the level 109.32 my advice; wait for a rejection at the line 109.32 to sell USD with your take profit at 109.61 and stop loss at 109.57.
Trade recommendation
Sell USD at 109.32 with your take profit at 107.61.