30 August 2018, USD/JPY
Wave Analysis
Earlier the previous day, the US Dollar went above the upper trendline acting as a resistance to the falling channel formation. This is a sign that the bulls are taking a bit of control, however, instead of looking for a long position now, we're waiting for a clear breakout above 112.155 to confirm a possible rally further upwards. You could buy a breakout above 112.155 or wait for a double top formation around 113.430 to pick a short position. According to the chart above, only a breakout below 109.510 to pick a short position.
Trade Recommendations:
On the sidelines
101% Double the volume
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