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Sell USDJPY now, your stoploss above 106.180 and take profit at 104.030.

Sell USDJPY now, your stoploss above 106.180 and take profit at 104.030. | 14 October 2020

14 October 2020, USD/JPY

Wave Analysis

After a false breakout above the upper trendline, the Us dollar moved significantly to the lowerside but has now moved back to the same trendline. While the price remains below this trendline, we expect nothing but a possible momentum the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should breakout below the supportive trendline or even lower. This view will only be rendered futile in case the price breaks and closes above the upper trendline.

Trade Recommendations:

Sell USDJPY now, your stop loss above 106.180 and take profit at 104.030.

Bob Stan
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