29 августа 2019, USD/JPY
Technical Observation
USDJPY is currently consolidating in between a contracting wedge formation, we're waiting for a bounce from the upper trendline to pick a low risk sell and a bounce from the supportive trendline to pick a buy. A break above the upper trendline will push the price steeply to the upperside towards 106.725 or even higher. And should price break below the supportive trendline, then this will be a good place to look for sell orders towards 104.865. On its way to the lowerside the key levels to look for include 105.485, and 105.175.
Trade Recommendations:
Sell a bounce from 106.260.
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