06 October 2020, USD/JPY
Wave Analysis
Yesterday, the us dollar bounced off from the level 105.788. This level is also the previous week's highest high. We expect this bounce to be an end to the impulsive wave (v) and the onset to a corrective wave cycle and could see price breakout below 23.6% fib level towards 105.071. On this chart, we expect further momentum to the lower side with an ideal target set around 105.071. On its way to the lower side, the key levels to look for include 105.475, and 105.360, if the price breaks below these levels then our next target set around 105.071.
Trade Recommendations:
Remain short towards 105.071.
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