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Buy a bounce from the lower trendline towards 103.945.

Buy a bounce from the lower trendline towards 103.945. | 18 January 2021

18 January 2021, USD/JPY

Buy a bounce from the lower trendline towards 103.945.

Wave Analysis

The Us dollar is currently rallying within a rising channel formation. While the price remains within this range we are only interested in trading reversals, we will be waiting for a bounce from the lower trendline to pick a buy and a bounce from the upper trend line to pick a sell. In case the price breaks and close below the lowerside, then further momentum much lower is expected with the next ideal target set at 103.495, in case of a break above the upper trend line, then further rally towards 104.145 is expected.

Trade Recommendations:

Buy a bounce from the lower trendline towards 103.945.

Bob Stan
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