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Expect further correction towards the immediate trendline.

Expect further correction towards the immediate trendline. | 09 February 2021

09 February 2021, USD/JPY

Expect further correction towards the immediate trendline.

Wave Analysis

During the previous trading day, the US Dollar bounced off from around 105.400, headed straight to the lowerside and is still pretty much bearish. On this chart, we expect nothing but a possible momentum to the lowerside but should not go beyond the upper trendline. A rebound from this trendline will mean we are looking for long term buy position expecting price to continue to the upperside towards 107.950 and could breakout much higher with the next ideal target at 109.990.

Trade Recommendations:

Expect further correction towards the immediate trendline.

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Bob Stan
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