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At a weekly support, 108.451, but expect sellers to dominate soon

At a weekly support, 108.451, but expect sellers to dominate soon | 10 June 2019

10 June 2019, USD/JPY

Wave Analysis

During the previous trading week, the US Dollar broke out below the supportive trendline but has just pulled back to it. As long as the price remains below this trendline, we expect nothing but a possible momentum to the lowerside. We expect the current movements to the upperside to be a mere corrective wave count and should not go beyond the upper trendline where we'll be looking for a low risk sell order. As it is on the 4 hour chart, we're looking for a sell from either this resistance trendline, or below 107.898.

Trade Recommendations:

Sell a bounce from the supportive trendline, or break below 107.898.

Bob Stan
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