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Expect a possible a possible rally towards the lower trendline.

Expect a possible a possible rally towards the lower trendline. | 03 December 2020

03 December 2020, USD/JPY

Expect a possible a possible rally towards the lower trendline.

Wave Analysis

The US dollar is currently within the converging wedge formation but has just bounced off from the upper trendline. On this chart, we are looking for low risk sell positions towards the lower trendline. If the price breaks below the lower trendline then this will be a good place to look for long term sell positions. On the flipside should the price break and close above the upper trendline, then this will be a good place to consider a possible long term buy position with an ultimate target set around 108.785. A break any higher will push the price much higher.
Trade Recommendations:
Expect a possible a possible rally towards the lower trendline.
Bob Stan
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