18 января 2019, USD/JPY
Wave Analysis:
The US Dollar is still trading within the contracting wedge formation. As long as this wedge is not violated to the upperside or to the lowerside with a big candle, we choose to remain flat. Basically, we're waiting for a break above the upper trendline to pick a long term long position towards 110.36. The zoned colored below price is a weekly support zone, and while it contains price to the upperside, we're looking for a buy, a break below 107.15 will attract a possible sell position towards 106.70 and may extend even lower towards 104.20.
Trade recommendations:
Flat
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