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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
