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Sell a rebound from the upper trendline or a break below the lower trendline towards 102.855.

Sell a rebound from the upper trendline or a break below the lower trendline towards 102.855. | 23 December 2020

23 December 2020, USD/JPY

Sell a rebound from the upper trendline or a break below the lower trendline towards 102.855.

Wave Analysis

The US dollar is currently rallying within a range not going above or below the currently forming wedge. If the price rebounds from the lower trend line of the wedge, then further momentum to the upper side is expected towards the upper trend line. And in case of a rebound from the upper trend line then a possible sell position is expected. On this chart, we're focusing only on sell positions. However, in case the price breaks and closes above the upper trend line then further momentum to the upper side is expected towards 105.695.

Trade Recommendations:

Sell a rebound from the upper trendline or a break below the lower trend line towards 102.855.

Bob Stan
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