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Buy a break above the upper trendline towards 112.248

Buy a break above the upper trendline towards 112.248 | 12 May 2021

12 May 2021, USD/JPY

Buy a break above the upper trendline towards 112.248

Wave Analysis

The US Dollar is currently printing a flag formation on the daily chart. As it is now, we are expecting a possible breakout above the flag formation and should head straight to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should break above 112.238and should break above 114.250 towards the upperside. And should the price fail to break above the upper trendline, then further momentum to the lowerside is expected withe the next ideal target set around 102.579 and may extend much lower towards 100.075.
Trade Recommendations:
Buy a break above the upper trendline towards 112.248

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