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We’re short from the upper trendline

We’re short from the upper trendline | 18 September 2018

18 September 2018, USD/JPY

We’re short from the upper trendline

Wave Analysis:
According to the hourly chart attached, the US Dolar is currently rallying along a key resistance trendline. As long as this trendline protects the upperside, we’re patiently waiting for a clear rebound from it to pick a long term short position. Ideally, we expect the previous decline from this trend line to have marked an end to the previous impulsive wave (E) that any clear rebound sign will culminate into a rally to the lowerside. The anticipated bearish price rally is the continuation of a corrective three wave cycle and should break below the lower trendline.
Trade Recommendations:
We’re short from the upper trendline

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