21 February 2020, USD/JPY
Wave Analysis
During the previous trading day, the impulsive wave (iii) continued to the upper side and is still pretty much bullish. We expect the bounce from 112.174 to have marked an end to the impulsive wave (iii), that the current bearish price rally is the continuation of a corrective wave (iv), but should not go beyond 110.850, a bounce from this level will push the price to the upper side with the last impulsive wave (v) expected to break and close above 112.500 towards 114.00 or even higher. On this chart, a break above 112.174 will give us a good place to pick a long term buy.
Trade Recommendations:
Wait
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