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We are sellers towards 127.05.

We are sellers towards 127.05. | 13 May 2022

13 May 2022, USD/JPY

We are sellers towards 127.05.

Wave Analysis:

The US Dollar has been trading within the upper and the lower trendline in the current downtrend.Previously the price rallied from the upper trendline at the corrective wave cycle two towards the lower side in continuation of the impulsive wave cycle three.The price then rebounded from the impulsive wave cycle three towards the upper trendline in continuation of the corrective wave cycle four.Right now the price is on the upper trendline, I expect a further bearish momentum towards the lower trendline at the impulsive wave cycle five.Alternatively,should the price break above the upper trendline,then 129.15 would be a good place to pick a buy from with the first ideal target at 130.35.

Trade Recommendations:

We are sellers towards 127.05.

Bob Stan
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