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USDJPY. Wait for a sell from the upper trendline towards 107.126.

USDJPY. Wait for a sell from the upper trendline towards 107.126. | 23 July 2019

23 July 2019, USD/JPY

USDJPY. Wait for a sell from the upper trendline towards 107.126.

Wave Analysis

After breaking below the supportive trendline, the US dollar retraced back to the upperside but is currently rallying around the same trendline. This is the best place to look for long term sell orders with an ultimate target at 107.126. The idea is to wait for a clear sell signal from this trendline to pick a sell. A break below the support 107.126 will mean we're looking for long term sell orders with an ultimate target at 105.00 or even lower. The ultimate target is 100.00 and on the flipside, only a break above 108.340 will mean we're looking for a buy.

Trade Recommendations:

Wait for a sell from the upper trendline towards 107.126.

Bob Stan
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