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Expect further momentum to the upperside towards the upper trendline.

Expect further momentum to the upperside towards the upper trendline. | 11 August 2020

11 August 2020, USD/JPY

Expect further momentum to the upperside towards the upper trendline.

Wave Analysis

Currently, the US Dollar is above 106.079. As long as the price is held above 106.079, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the corrective wave (D) to the upper side and should not go beyond the upper trend line. The idea is to wait for a bounce from the upper trend line to pick a low risk sell position. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lower side and should break below 103.740.

Trade Recommendations:

Expect further momentum to the upper side towards the upper trend line.

Bob Stan
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