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Waiting for a break below 107.685 towards 106.065.

Waiting for a break below 107.685 towards 106.065. | 27 May 2020

27 May 2020, USD/JPY

Waiting for a break below 107.685 towards 106.065.

Wave Analysis

During the previous trading, both the impulsive waves (5) and (E) continued to the upperside but could not break beyond the upper trendline, while the price is held below this trendline, we're still sellers. A break below the supportive trendline will be a good chance to pick a long term sell order with an ultimate target around 106.065, on its way to the lowerside, the key levels to look for include 107.310, 107.065 and 106.440. This view can only be invalidated in case the price breaks and closes above 108.060, if this is the case then further momentum to the upperside.

Trade Recommendations:

Waiting for a break below 107.685 towards 106.065.

Bob Stan
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