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Wait | 04 May 2020

04 May 2020, USD/JPY

Wave Analysis

After a bullish spike hitting the high of 107.470, the US Dollar pulled back to the lowerside and is currently approaching a supportive trend line. As it is now, I'm waiting for a clear bounce from the the supportive trendline to pick a long term buy position, a breakout and a close below the same supportive trendline will mean we are heading to the lower side with an ideal take profit at 106.290. A break and close below 106.290 will mean we are continuing to the lower side with the next ideal target at 105.20.

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Bob Stan
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