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Wait for a possible buy from the supportive trendline.

Wait for a possible buy from the supportive trendline. | 09 July 2020

09 July 2020, USD/JPY

Wait for a possible buy from the supportive trendline.

Wave Analysis

Late yesterday, the US Dollar bounced off from the supportive trend line but is yet to make any significant moves to the upper side. As it is now, we expect the corrective wave (D) to push price much higher but should not go beyond the upper trend line, as it is now, we are expecting a possible bounce from the lower side to pick a buy and a bounce from the upper trend line to sell the last impulsive wave (E) to the lower side with an ultimate target around 107.115. On this chart, I recommend a buy unless the price breaks and closes below the supportive trend line.

Trade Recommendations:

Wait for a possible buy from the supportive trend line.

Bob Stan
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