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Wait | 08 July 2020

08 July 2020, USD/JPY

Look for a possible sell position towards the supportive trendline.

Wave Analysis

Despite the pin bar seen earlier this week on Monday, we're yet to see any significant moves to the lower side, according to the daily chart attached, we expected a possible momentum towards the supportive trend but, that did not happen, from the current chart set up and structure, we're potential heading to the upper side, chances that the price may reach 109.86 are very high, but first, we need a bearish correction before we confidently pick a buy position. This upward move may be invalidated in case the price closes below the supportive trendli, this being the case, we will expect a momentum to the lower side.

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Bob Stan
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