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Wait for a break below 109.160 to pick a low risk sell order towards 100.00.

Wait for a break below 109.160 to pick a low risk sell order towards 100.00. | 29 May 2019

29 May 2019, USD/JPY

Wait for a break below 109.160 to pick a low risk sell order towards 100.00.

Wave Analysis

According to the 15 minutes chart attached, the US Dollar is currently rallying within a descending channel formation. As long as the price remains within this shape formation, we're eyeing a possible breakout below the lower supportive trendline to look for long term sell orders with the first ideal target at 109.040. Ideally, a breakout below this trendline may culminate into further momentum to the lowerside. And on the flip-side, should price breakout above the upper trendline, then we'll wait for a confirmation that we're upwards.

Trade Recommendations:

Wait for a break below 109.160 to pick a low risk sell order towards 100.00.

Bob Stan
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