12 January 2021, USD/JPY
Wave Analysis
The US Dollar is currently in an active up trendline. As long as the price remains above the previous week's highest, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should breakout above 104.390 towards 105.00 or even higher. As it is now, we expecting a pullback towards 50.0 and may extend to the lowerside but should not go beyond 61.8% fib level, At this point, buy positions still looks ideal and is still recommended.
Trade Recommendations:
Look for low risk risk buy positions from around 61.8% fib level towards 104.390.
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