21 June 2022, USD/JPY
Wave Analysis:
During the previous trading days, the price rallied from the impulsive wave cycle one towards the upper side at the corrective wave cycle two. It then bounced back to the lower side but then rebounded towards the upper trendline at the corrective wave cycle four, where the price is currently at. I expect a bearish momentum from the corrective wave cycle four towards 131.50 in continuation of the impulsive wave cycle five. Unless the price breaks above the upper trendline, then we will expect bullish momentum but as of now we remain sellers.
Trade Recommendations:
We are short.
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