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Remain short towards 106.745.

Remain short towards 106.745. | 22 May 2020

22 May 2020, USD/JPY

Remain short towards 106.745.

Wave Analysis

During the previous trading, the US Dollar rallied but as at now, the price is below the level 107.481. Following the break below the supportive trendline, or the converging wedge formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside towards 106.745. This view can only be invalidated in case the price breaks and close above the level 107.481, if this is the case, then further momentum to the upperside is expected towards 108.090.

Trade Recommendations:

Remain short towards 106.745.

Bob Stan
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