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Wait for a resell from the inner upper trendline.

Wait for a resell from the inner upper trendline. | 26 August 2020

26 August 2020, USD/JPY

Wave Analysis

During the previous trading, the Us dollar continued to the upperside but failed to breakout above the inner upper trendline. We're waiting for a clear rebound from this trendline to pick a low risk sell position towards the lower trendline. This bearish price rally is the continuation of the impulsive waves (5) and (c) to the lowerside and should break below 103.515 towards 102.240. And should the price break above the upper trendline, then this will be a good place to look for long term buy positions.

Trade Recommendations:

Wait for a resell from the inner upper trendline.

Bob Stan
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