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We're short from the upper trendline

We're short from the upper trendline | 27 August 2018

27 August 2018, USD/JPY

We're short from the upper trendline

Wave Analysis

The US Dollar is still within the channel formation, just recently, the price rebounded from the upper trendline and is still pretty much below this level, as long as the price remains within this channel formation, we expect a possible momentum to the lowerside. The anticipated bearish price rally is merely the continuation of the corrective three wave cycle and should go below 110.05. This view can only be invalidated in case the price breaks above the resistance trendline, if this is the case, then a rally upwards is expected.

Trade Recommendations:

We're short from the upper trendline

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