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Look for sell orders towards 104.810.

Look for sell orders towards 104.810. | 27 August 2019

27 August 2019, USD/JPY

Wait for a retracement towards 106.940 to pick a sell.

Wave Analysis

Despite the bearish gap seen during the previous trading day, the US Dollar rose significantly but failed to break above 106.940. This is a good 4 hour resistance level and as long as the price is contained below it, we're waiting for long term sell orders. The anticipated bearish price rally is the continuation of the impulsive wave (v) and should break below the recent lowest low towards 100.00 or even lower. As it is on the 4 hours chart, we only recommend looking for short positions.

Trade Recommendations:

Look for sell orders towards 104.810.

Bob Stan
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