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Expect sellers to dominate following Monday's bearish gap.

Expect sellers to dominate following Monday's bearish gap. | 07 May 2019

07 May 2019, USD/JPY

Expect sellers to dominate following Monday's bearish gap.

Wave Analysis

The US Dollar is currently trading within a contracting wedge formation. While the price is contained within this wedge, we'll be looking forward to trading reversals from either above, or below. The idea is to wait for a bounce from the upper trendline to pick a sell, or a bounce from the lower trendline to pick a buy. Any clear breakout above or below this levels will push the price towards the direction of the break. As it is on the monthly chart, we expect a decline towards the monthly support 109.025.

Trade Recommendations:

We're sellers with our take profit at 109.025.

TRADING STRATEGY FOR FREE!

Bob Stan
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