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We are buyers towards 131.85.

We are buyers towards 131.85. | 04 May 2022

04 May 2022, USD/JPY

We are buyers towards 131.85.

Wave Analysis;

This pair is currently trading in a contracting wedge formation,the price is on an uptrend.During the previous trading days,the price rebounded from the lower trendline towards the upper side at the impulsive wave cycle three,but it bounced back to the lower trendline in continuation of the corrective wave cycle four.As at now the price is on the lower trendline I expect a rebound towards the upper trendline in continuation of the impulsive wave cycle five.However,should the price break below the lower trendline then we become sellers with our first ideal target at 128.30,for now we are buyers.

Trade Recommendations:

We are buyers towards 131.85.

Bob Stan
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