Look for sell position from the upper trendline | 07 سبتمبر 2020
07 سبتمبر 2020, USD/JPY
Wave Analysis
According to the 4 hours chart attached, the US dollar is currently rallying with an contracting wedge formation. As it is now, we are expecting a a possible momentum to the upperside towards the upper trendline where, if the price moves and closes above it, then we are expecting a rise even higher. A bounce from the upper trendline will be a place to consider a possible low risk sell position towards the lower trend. A break below the same trendline will mean we are continuing to the lowerside with an ultimate target set around 104.32.
Trade recommendations:
Look for sell position from 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.
