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As long as the price is below 113.602, we recommend looking for short positions with your take profits along the supportive trendline

As long as the price is below 113.602, we recommend looking for short positions with your take profits along the supportive trendline | 07 December 2018

07 December 2018, USD/JPY

Wave Analysis

According to the current chart set up and structures, we're still waiting for a break above 113.603 to confirm that we're long with the first ideal target at 117.115. If the last target is broken, then further momentum to the upperside is expected with an ideal target at 124.130. This is from the bullish point of view, but should the price persist below 113.65, then we'll settle for long term short positions with our target being along the supportive trendline. , and in case the price breaks below this support then further momentum lower is expected.

Trade Recommendation:

As long as the price is below 113.602, we recommend looking for short positions with your take profits along the supportive trendline.

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Bob Stan
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