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Look for sell positions towards 107.775.

Look for sell positions towards 107.775. | 07 May 2021

07 May 2021, USD/JPY

Look for sell positions towards 107.775.

Wave Analysis

Earlier today, the US Dollar gapped below 109.325 and is still pretty much below this level/ This is perfectly in line with what we said during the previous trading day. As it is now, we are looking for further momentum to the lowerside and should breakout below 107.775. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should breakout below 106.560 or even lower/ On the flipside, should the price break above 109.490, then further momentum upwards is expected.

Trade Recommendations

Look for sell positions towards 107.775.

Bob Stan
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