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Waiting for a sell from around 108.625.

Waiting for a sell from around 108.625. | 08 January 2020

08 January 2020, USD/JPY

Waiting for a sell from around 108.625.

Wave Analysis

The impulsive wave (5) failed to break below the level 107.545, instead it bounced off from around this level and is currently heading to the upper side, we expect this upward rally to be the continuation of a corrective wave count and could see price break beyond 108.625 towards 109.845. In case the price breaks and closes below the previous days lowest low, this will give us an ideal place to consider long term sell orders towards 105.31 or even lower. According to the current chart set up and structure, we are still sellers but only if the price pulls back towards 108.625.

Trade Recommendations:

Waiting for a sell from around 108.625.

Bob Stan
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