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Look for sell position from the upper trendline

Look for sell position from the upper trendline | 07 September 2020

07 September 2020, USD/JPY

Wave Analysis

According to the 4 hours chart attached, the US dollar is currently rallying with an contracting wedge formation. As it is now, we are expecting a a possible momentum to the upperside towards the upper trendline where, if the price moves and closes above it, then we are expecting a rise even higher. A bounce from the upper trendline will be a place to consider a possible low risk sell position towards the lower trend. A break below the same trendline will mean we are continuing to the lowerside with an ultimate target set around 104.32.
Trade recommendations:
Look for sell position from the upper trendline
Bob Stan
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