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Sell a rebound from the upper trendline towards 104.74.

Sell a rebound from the upper trendline towards 104.74. | 24 Marzo 2021

24 Marzo 2021, USD/JPY

Sell a rebound from the upper trendline towards 104.74.

Wave Analysis

The US dollar is currently below a significant supportive trendline. As long as the price remains below the upper trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of an impulsive wave count and could see price break and close below 104.74 and could breakout below 98.30 towards or even lower. On the flipside, should the price breakout above the upper trendline, then we will be expecting further momentum to the upperside with the next ideal target set at 115.70.

Trade Recommendations:

Sell a rebound from the upper trendline towards 104.74.

Bob Stan
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