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We're looking for a sell position towards 102.700.

We're looking for a sell position towards 102.700. | 29 December 2020

29 December 2020, USD/JPY

Wave Analysis

As long as the price remains within the contracting wedge formation. On this chart, we are looking for long term sell position. The current rally to the upperside is a correction to the upperside but should not go beyond the inner trendlines, then further momentum to the lowerside is expected with an ultimate target set around the 102.700 and could breakout much lower towards 101.00 or even lower. If the price breaks above the upper trendline, then further momentum much higher is expected with an ultimate target set at 106.916.

Trade Recommendations:

We're looking for a sell position towards 102.700.

Bob Stan
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