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We're on the sidelines for now.

We're on the sidelines for now. | 18 November 2022

18 November 2022, USD/JPY

We're on the sidelines for now.

Wave Analysis:

The US Dollar is currentlly trading within a converging wedge formation. As long as the price remains within this shape, I am on the sidelines, however, if the price breaks below this shape, then I will be expecting further rally to the lowerside and will see the price continue to the lowerside with the next ideal target set around 135.78 and may likely head much lower. On the flipside, incase the price breaks above the upper trendline, then this will be an ideal place to consider a possible long term buy position towards 144.906 and may likely head much higher.
Trade Recommendations:
We're on the sidelines for now.
Bob Stan
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