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we're short towards the lower trendline

we're short towards the lower trendline | 28 August 2018

28 August 2018, USD/JPY

Wave Analysis

During the previous trading day, the US Dollar pulled back to the lower side but is still within the contracting channel formation. As we mentioned few days ago, while the price is within this channel formation, we expect a possible momentum to the lower side with the first target at 109.65 and the next at 108.85. This view can only be invalidated in case the price breaks above the upper trendline, if this is the case, then further bullish price movements towards 112.10 or even higher to 113.30 is expected.

Trade Recommendations:

we're short towards the lower trendline

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