Expect sellers to dominate following Monday's bearish gap. | 07 مايو 2019
07 مايو 2019, USD/JPY
Wave Analysis
The US Dollar is currently trading within a contracting wedge formation. While the price is contained within this wedge, we'll be looking forward to trading reversals from either above, or below. The idea is to wait for a bounce from the upper trendline to pick a sell, or a bounce from the lower trendline to pick a buy. Any clear breakout above or below this levels will push the price towards the direction of the break. As it is on the monthly chart, we expect a decline towards the monthly support 109.025.
Trade Recommendations:
We're sellers with our take profit at 109.025.
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.
