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Look for sell positions towards the lower trendline.

Look for sell positions towards the lower trendline. | 12 November 2020

12 November 2020, USD/JPY

Watch for a possible rejection from the upper trendline.

Wave Analysis

After the big bullish candle seen few day ago, nothing much appears to be happening on this chart. As it is now, we are waiting for a bounce from the upper trendline to pick a sell position. And in case the price breaks and closes above the upper trendline, then we will be looking for more long term buy position with an ultimate target set at 107.240. A rebound from the upper trendline will give us a good opportunity to consider a possible low risk sell position with an ideal target set along the lower trendline.

Trade Recommendations:

Look for sell positions towards the lower trendline.

Bob Stan
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