09 September 2020, USD/JPY
Wave Analysis
Despite the previous day's decline in price, we still expect further momentum to the upperside. The anticipated bullish price rally is the continuation of the corrective wave (iv) to the upperside and should not break beyond the upper trend line. As it is now, we are waiting for a bounce from the upper trendline to pick a low risk sell position. This sell is the continuation of the last impulsive wave (v) to the lowerside and should break below 104.415 towards 103.095 or even lower. A break beyond the upper trendline may attract a buy position.
Trade Recommendations:
Sell a rebound from around the upper trendline.
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