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Wait for a resell from 50.0% fib level towards 100.00.

Wait for a resell from 50.0% fib level towards 100.00. | 22 October 2020

22 October 2020, USD/JPY

Wave Analysis

After the end of the impulsive wave (iii) around 104.385, the Us dollar bounced off from this level headed straight to the upper side, we expect this rebound to be an end to the third impulsive wave, that the current bullish price rally is the continuation of the corrective wave (iv) to the upperside but should not go beyond 50.0% fib level, if the price bounces off from this level, then we will be looking for long term sell positions. The anticipated bearish price rally is the continuation of the impulsive wave (v) towards 100.00.

Trade Recommendations:

Wait for a resell from 50.0% fib level towards 100.00.

Bob Stan
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