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Watch for a possible rejection from the upper trendline.

Watch for a possible rejection from the upper trendline. | 10 November 2020

10 November 2020, USD/JPY

Watch for a possible rejection from the upper trendline.

Wave Analysis

During the previous trading day, Instead of continuing to the lowerside, the Us Dollar pulled back to the upperside significantly but is now around a significant resistance zone 105.477-105.335, on this chart, we are watching for a possible bounce from the upper trendline to pick a long term sell position towards the lower trendline. If the price breaks and closes above the upper trendline, then further momentum much higher is expected with an ultimate target set around 107.240 and may break and closes below it.

Trade Recommendations:

Watch for a possible rejection from the upper trendline.

Bob Stan
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