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Buy US dollar now towards the upper trendline.

Buy US dollar now towards the upper trendline. | 01 June 2021

01 June 2021, USD/JPY

Wave Analysis

Following the false breakout above the upper trendline, the US Dollar is currently pulling back to the lowerside. Already, we've seen a 50 .0% fib level. This is a good place to consider a possible long term buy position. However, should the price break below the 50.0% fib level, then we will be looking for a possible rally towards 61.8% fib level. A break below level will mean we are continuing short with the bearish corrective wave count and could see price break below 109.100 towards the lower trendline.

Trade Recommendations:

Buy US dollar now towards the upper trendline.

Bob Stan
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