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Wait and buy a break above 116.43 towards 118.90.

Wait and buy a break above 116.43 towards 118.90. | 04 January 2022

04 January 2022, USD/JPY

Wait and buy a break above 116.43 towards 118.90.

Wave Analysis

After bouncing off from the lower trendline, the impulsive wave (5) continued to the upperside and is now approaching a resistance level 116.43 and may continue much higher. On this chart, buyers have full control and when the price breaks above the level 116.43, I expect nothing but a possible buy. A rebound from the level 116.43, then this will be a good place to consider a possible long term sell position towards the lower trendline.

Trade Recommendations:

Wait and buy a break above 116.43 towards 118.90.

Bob Stan
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