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Remain long towards 110.00.

Remain long towards 110.00. | 05 June 2020

05 June 2020, USD/JPY

Wave Analysis

After breaking above the upper trend line, the impulsive wave (v) continued to the upper side and is currently around 109.160. This is not a main level and price is not approaching any key level except 110.00. If the price breaks and closes above 110.00, then we may expect further momentum to the upper side towards 114.00 and could head even higher towards 118.00. On this flip side, a pullback towards 23.6% fib level will give us a good place to consider a low risk buy position towards 110.00. A break below 23.6% fib level could push the price much lower towards 50.0% fib level.

Trade Recommendations:

Remain long towards 110.00.

Bob Stan
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