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Remain long with an ultimate target around 118.00.

Remain long with an ultimate target around 118.00. | 20 February 2020

20 February 2020, USD/JPY

Remain long with an ultimate target around 118.00.

Wave Analysis

During the previous trading day, our pending sell order was triggered around 110.255 but later stopped when the price spiked above 110.356. This is a significant move and a good sign that buyers are in control. Following this break we expect further bullish move and should break above 114.00 or even higher. We are only waiting for a possible correction to buy the last impulsive wave (v) with an ultimate target around 118.00. As it on the daily and on the 4 hours charts, I only recommend looking for low risk buy positions towards 118.00 and could head much higher. ON the flip side, a close below 110.255 may attract a sell but this is highly unlikely.

Trade Recommendations:

Remain long with an ultimate target around 118.00.

Bob Stan
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