Buy a rebound from the upper trendline towards 114.101.

08 April 2021, USD/JPY

Buy a rebound from the upper trendline towards 114.101.

Wave Analysis

Yesterday, the US dollar pulled back nicely to the lowerside but is still above the upper trendline. We're waiting for a clear rebound from the same trendline to pick a possible long term buy position expecting price to continue upwards towards 114.101. This view remains valid as long as the price is above the upper trendline, a breakout and a close below the same trendline will mean we are continuing to the lowerside with an ultimate target set around 104.959. On its way downwards, the key levels to look for include 109.120 and 106.220.

Trade Recommendations:

Buy a rebound from the upper trendline towards 114.101.

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Graham Osano
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