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Look for a low risk sell position towards 102.530.

Look for a low risk sell position towards 102.530. | 22 December 2020

22 December 2020, USD/JPY

Look for a low risk sell position towards 102.530.

Wave Analysis

During the previous trading day, the US Dollar opened at 104.469, went as high as 103.889 and as low as 103.251 but ended up closing at 103.293, just a few pips below its opening price. The Previous day's candle is a perfect bearish pin bar candle, and a possible indication that the price will likely continue to the lower side, if you are on this chart right now, look for a possible long term sell position. The anticipated bearish price rally is the continuation of the impulsive wave(v) to the lower side and should break below 103.010 towards 102.530.

Trade Recommendations:

Look for a low risk sell position towards 102.530.

Bob Stan
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