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Wait and buy a break above the level 106.760 towards the upper trendline.

Wait and buy a break above the level 106.760 towards the upper trendline. | 12 August 2020

12 August 2020, USD/JPY

Wait and buy a break above the level 106.760 towards the upper trendline.

Wave Analysis

Yesterday, the US Dollar went slightly higher than expected but is currently approaching a major resistance level 106.760. While the price is not able to clearly ascend above 106.760, we are on the sidelines, but in case the price breaks and closes above 106.760, then this will be a good place to consider a long term buy position. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upper side towards the upper trend line. A bounce from the upper trend line will give us a good place to consider a possible sell position.

Trade Recommendations:

Wait and buy a break above the level 106.760 towards the upper trend line.

Bob Stan
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