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Remain long towards the upper trendline.

Remain long towards the upper trendline. | 27 August 2020

27 August 2020, USD/JPY

Remain long towards the upper trendline.

Wave Analysis

The US Dollar is currently rallying within an contracting wedge formation. Following the bounce from the inner supportive trendline, we took a buy position and is still holding, our expectations is that the price should continue to the upperside towards the upper trendline. This upward rally is the continuation of both the impulsive waves E and (C) to the upperside towards 106.717. And in case the price breaks out and closes above the upper trendline, then this will be a good place to consider further buy positions.

Trade Recommendations:

Remain long towards the upper trendline.

Bob Stan
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