11 May 2021, USD/JPY
Wave Analysis
The US Dollar is currently within a range, not going above the upper trendline or below the lower trendline. While the price remains below within this range, we are waiting for a sell from the upper trendline, and buy from the lower trendline. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lower side and should push price much lower with our target set along the lower trendline. A break below this level may push the price much lower towards 105.00 or even lower.
Trade Recommendations:
Keep looking for long term sell positions expecting the price to break below 107.350 or even lower.
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