18 November 2021, USD/JPY
Technical observation
USD declined steadily and broke below a supportive level 114.29 with a big red candle, right now price trading with an increasing downwards momentum below the just broken line however, I expect a loss of this bearish rally followed by a correction to the level 114.29. My advice, remain neutral and wait for a correction to the line mentioned above then sell a bounce at it with your take profit at 113.79 and stop loss at 114.53, it is advisable that you only pick short positions after a second retracement to the level 114.29 and a rejection at it because it confirms that price is sustained below the level. Further bearish movements can be anticipated in case of a clear break out below the supportive zone 113.79-113.74.
Trade recommendation
Remain flat.