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Remain short with an ultimate target around 104.6.

Remain short with an ultimate target around 104.6. | 12 June 2020

12 June 2020, USD/JPY

Remain short with an ultimate target around 104.6.

Wave Analysis

During the previous trading day, the US Dollar continued to the lower side and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the 23.6% fib level, we expect nothing but a possible momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave (v) and should first break below 105.00 towards the next key level 104.6. As it is now, we expect the current move to the upper side to be a correction and should not go beyond 38.2% fib level.

Trade Recommendations:

Remain short with an ultimate target around 104.6.

Bob Stan
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