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USDJPY. Sell a break below the supportive trendline towards 105.550.

USDJPY. Sell a break below the supportive trendline towards 105.550. | 08 August 2019

08 August 2019, USD/JPY

USDJPY. Sell a break below the supportive trendline towards 105.550.

Wave Analysis

The US Dollar is currently trading within a contracting wedge formation. As long as the price trades within this wedge formation, we're patiently waiting for either a break above or below the wedge to pick a low risk sell order. Since the daily chart is very bearish, we''re waiting for a clear breakout below the lower trendline to confirm a possible rally towards the level 105.550. A break below this level will push the price further to the lowerside with the next ideal target being 100.251.

Trade Recommendations:

Sell a break below the supportive trendline towarcds 105.550.

Bob Stan
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