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Wait for a sell from 106.515.

Wait for a sell from 106.515. | 06 May 2020

06 May 2020, USD/JPY

Wave Analysis

Yesterday, the US Dollar continued to the lower side and is still pretty much bearish both on the daily and on the weekly charts. We expect the current bullish price rally to be the continuation of the impulsive wave (iv) but should not go beyond 106.610. A bounce from this level, 106.610, will give us an ideal place to consider a long term sell order. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lower side and should break below 106.135 towards 105.00.

Trade Recommendations:

Wait for a sell from 106.515.

Bob Stan
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