07 June 2021, USD/JPY
Wave Analysis
Last week on Friday, the US dollar bounced of from the upper trendline and is still pretty much bearish both on the daily and on the weekly charts. As it is now, we expect a possible rally to the lowerside and should breakout below the lower trendline towards 107.249. And in case the price bounces off from the lower trendline, then this will be a good place to consider a possible long term buy position expecting the price to rally to the upperside towards 110.00 or even higher towards 115.00. A break beyond this level will push the price much higher towards 118.00.
Trade Recommendations:
We're sellers towards the lower trendline.
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