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Remain short towards 104.160.

Remain short towards 104.160. | 21 October 2020

21 October 2020, USD/JPY

Look for low risk sell positions with an ultimate target set around 104.160.

Wave Analysis

After struggling below the upper trendline, the US Dollar could not move any higher. While the price remains below this trendline, we are looking for a possible rally to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should break beyond 104.410 towards 103.910 or even lower. If you are looking at this chart now, keep looking for long term sell positions towards the target mentioned above. On this chart, only a clear break beyond 105.582 will attract a low risk buy position.

Trade Recommendations:

Remain short towards 104.160.

Bob Stan
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