22 February 2021, USD/JPY
Wave Analysis
During the previous trading day on Friday, the US Dollar continued to the lower side but is now above a key support level of 105.489. If the price fails to break below this level, then this will be a good place to consider a possible long-term buy position. However, any violation of this level to the lower side will mean we are continuing with the current bearish wave expecting the price to break and close below 104.459. A break below this zone will push the price much lower towards 100.00 or even lower. On the upperside, the only breakout above 106.00 will mean we are now continuing to the upper side towards 110.00.
Trade Recommendations:
Wait for a possible buy position from around 105.489 or 104.459.
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