02 February 2021, USD/JPY
Wave Analysis
Yesterday, the US Dollar rallied to the upperside and even closed above the upper trendline, while we continue to see sustenance above this trendline, we are looking for long term buy positions expecting price to break and close above 106.114. A breakout beyond this level will push the price much higher towards 107.064. On the flip side, should the price pullback to the lowerside towards 104.526-104.441, then this will be a good place to consider a possible buy position with our target still set at 106.114.
Trade Recommendations:
Wait and rebuy the US dollar from 104.526-104.441 towards 106.114.
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