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Wait and buy a rebound from the lower trendline towards 104.875.

Wait and buy a rebound from the lower trendline towards 104.875. | 03 November 2020

03 November 2020, USD/JPY

Wait and buy a rebound from the lower trendline towards 104.875.

Wave Analysis

Earlier today, the US dollar continued to the lowerside but is currently around a significant supportive trendline. If the price breaks and closes beyond this trendline, then this will be a good place to consider a possible sell position. But should the price bounce off from this trendline, then we will be considering a possible buy position with an ultimate target set around 104.875. On its way upwards, the next levels to look for include 104.741 and the next one is 104.820. A break beyond 104.930 will push the price much higher.

Trade Recommendations:

Wait and buy a rebound from the lower trendline towards 104.875.

Bob Stan
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