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We are sellers towards 126.95.

We are sellers towards 126.95. | 31 May 2022

31 May 2022, USD/JPY

We are sellers towards 126.95.

Wave Analysis:

This pair is trading in an expanding wedge formation, the price rebounded from the impulsive wave cycle three towards the upper trendline at the corrective wave cycle four. Right now the price is on the upper trendline, I expect a further bearish momentum towards the lower trendline around 126.95 in continuation of the impulsive wave cycle five. However, should the price break above the upper trendline, then 128.20 would be a good place to pick a buy position.

Trade Recommendations:

We are sellers towards 126.95.

Bob Stan
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