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Remain short towards 104.470.

Remain short towards 104.470. | 07 August 2020

07 August 2020, USD/JPY

Remain short towards 104.070.

Wave Analysis

We continue to see a rally below 105.996. While the price continues to rally below 105.995, we expect nothing but a possible momentum to the bearish price rally is the continuation of the impulsive wave (E) to the lower side and should break below 104.470 towards 100.00 or even lower. And on the flip side, should the price break and close above 105.996, then this may be a good place to consider a possible long term buy position with our target fixed around 108.110. Any move to the upper side may push the price even higher.

Trade Recommendations:

Remain short towards 104.470.

Bob Stan
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