We're sellers towards the lower trendline | 06 July 2021
06 July 2021, USD/JPY
Wave Analysis
After a failed attempt to breakout beyond the upper trendline, the US Dollar rallied to the lowerside and is still very much bearish. If you are looking at this chart righ expect the price to continue to the lowerside but should not breakout beyond the lower trendline, if the price breaks and close below this trendline, then further momentum to the lowerside is expected, on the flipside, should the price breakout above the upper trendline, then further momentum to the upperside is expected, However, as it is right now, only sell positions looks ideal and can safely be recommended, buy orders looks very risky unless the price break and close above 111.650, our bullish target is set around 114.67.
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