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Wait for a sell from the upper trendline towards 104.959.

Wait for a sell from the upper trendline towards 104.959. | 11 March 2021

11 March 2021, USD/JPY

Wait for a sell from the upper trendline towards 104.959.

Wave Analysis

After the massive rise in price seen earlier this week, the US Dollar failed to break above the upper trendline, instead the price barely reached this trendline and is now heading to the lower. A continued sustenance below this trendline may push the price to the lowerside with an ideal target around 104.959-104.500. A break below this level will mean we are continuing to the lowerside with our target set at 101.420. A breakout above the upper trendline will mean the price will continue to the upperside towards 114.101.

Trade Recommendations:

Wait for a sell from the upper trendline towards 104.959.

Bob Stan
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