We're bullish towards the upper trendline. | 07 October 2021

07 October 2021, USD/JPY

We're bullish towards the upper trendline.

Wave Analysis

The US Dollar is currently rallying within a rising channel formation. Following the bounce from the lower trendline, the US Dollar rallied to the upperside but is yet to continue any higher, the anticipated bullish price rally is the continuation of the last impulsive wave (v) to the upperside but should not go beyond the upper trendline, if the price rebound from the upper trendline, then this will be a good place to consider a possible long term sell position.

Trade Recommendations:

We're bullish towards the upper trendline.

Bob Stan
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