Wait for a possible sell from around 109.405. | 28 February 2020

28 February 2020, USD/JPY

Wait for a possible sell from around 109.405.

Wave Analysis

Yesterday, our stops were taken out when the price went below the level 109.405. As long as the price is contained below this level, expect nothing but a possible momentum to the upper side the anticipated bearish price rally is the unfolding of an impulsive wave count and could see the price break much lower towards 107.225. The idea is to wait for a minor pullback to pick a low risk sell order with an ultimate target around 107.770. This view can only be recalled in case the price breaks and closes above 109.405.

Trade Recommendations:

Wait for a possible sell from around 109.405.

Bob Stan
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