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Look for sell positions towards 104.030.

Look for sell positions towards 104.030. | 16 October 2020

16 October 2020, USD/JPY

Look for sell positions towards 104.030.

Wave Analysis

After bouncing off from the upper trendline, the US Dollar moved massively to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the upper trendline, we expect nothing but a possible momentum to the lower. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should breakout below the supportive trendline and may breakout below 104.295 towards 103.760.

Trade Recommendations:

Look for sell positions towards 104.030.

Bob Stan
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