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Look for sell positions towards 61.8% fib level.

Look for sell positions towards 61.8% fib level. | 03 March 2021

03 March 2021, USD/JPY

Look for sell positions towards 61.8% fib level.

Wave Analysis

Yesterday, the US Dollar bounced off from the upper trendline and is currently heading to the lower side. As long as the price remains below this trendline, we are expecting a possible correction towards the 50.0% fib level. A breakout below this fib level will push the price further lower but should not go beyond the 61.8% fib level. On the flip side, should the price break and closes above the upper trendline, then this will be a good place to consider a possible long-term buy position expecting the price to reach as higher towards 110.0.

Trade Recommendations

Look for sell positions towards 61.8% fib level.

Bob Stan
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