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Sell a rebound from the upper trendline towards 104.00.

Sell a rebound from the upper trendline towards 104.00. | 01 March 2021

01 March 2021, USD/JPY

Sell a rebound from the upper trendline towards 104.00.

Wave Analysis

According to the 6 hours chart attached, the US Dollar is currently bouncing off of a significant resistance trendline. If the price successfully rebounds from this trendline, then this will be a good place to consider a possible long-term sell position. The anticipated bearish price rally will be the continuation of a corrective wave count and could see a price break below 104.00 or even lower. On the flip side, should the price break above the upper trendline, then further momentum to the upper side is expected.
Trade Recommendations:
Sell a rebound from the upper trendline towards 104.00.
Bob Stan
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