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As long as the price remains above the upper trendline, expect a possible rally towards 119.935.

As long as the price remains above the upper trendline, expect a possible rally towards 119.935. | 31 March 2021

31 March 2021, USD/JPY

Remain long towards 117.935.

Wave Analysis

As long as we continue to see sustenance above the upper trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count and could see the price breakout above 112.010 towards 119.935. On the flipside, in case the price breaks below the lower trendline, then we will be looking for a possible long term sell position towards 38.2% fib level and may extend much lower with the next ideal target at 50.0% fib level.

Trade Recommendations:

As long as the price remains above the upper trendline, expect a possible rally towards 119.935.

Bob Stan
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