Buy a bounce from the supportive trendline.

14 August 2019, USD/JPY

Buy a bounce from the supportive trendline.

Wave Analysis

After a bullish spike seen during the previous trading day, the US Dollar is currently consolidating within a converging wedge formation. On this chart, we're patiently waiting for a break above the upper trendline or a bounce from the supportive trendline to pick a buy with an ideal take profit at 107.005. Should price go above this level, then this will be a good place to look for a long term buy order towards 110.00 or even higher. ON the flip side, only a break below 106.255 to pick a sell.

Trade Recommendations:

Buy a bounce from the supportive trendline.

Graham Osano
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