We are buyers towards 131.30. | 11 May 2022
11 May 2022, USD/JPY
Wave Analysis:
The US Dollar is currently trading in a contracting wegde formation,the price has been rallying between the upper and the lower trendline for a while now.During the previous trading days,the price bounced off from the upper trendline at the impulsive wave cycle three towards the lower side at the corrective wave cycle four.Right now the price is rallying around the lower trendline,I expect a rebound from 130.35 towards the upper trendline at 131.30 or even much higher, in continuation of the impulsive wave cycle five.
Trade Recommendations:
We are buyers towards 131.30.
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.
