03 August 2021, USD/JPY
Wave Analysis
After establishing a support around 109.220, the US dollar pulled back to the upperside and is still pretty much in a corrective mode. As it is on the chart attached, we are expecting further momentum to the upperside but should not go beyond 50.0% fib level, if the price should break beyond this level, then the next target is around 61.8% fib level. And in case the price breaks below the level 109.105, then further momentum to the lowerside is expected towards 108.990.
Trade Recommendations:
We're sellers towards 108.990.