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Remain short | 19 August 2020

19 August 2020, USD/JPY

Remain short

Wave Analysis

Yesterday, instead of the US dollar continuing to the lower side, we failed to see a break below 105.500. As it is on the daily chart, we are expecting a possible breakout below 105.200 to confirm that we are continuing to the lower side with an ultimate target set around 104.440. And should the price bounce off from 105.500, then this could be a good place to consider a possible buy position. The anticipated bearish price rally is the continuation of the impulsive wave(E) to the lower side towards 104.050.

Trade Recommendations:

Remain short

Bob Stan
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