USD/JPY Forecast: Us Dollar is currently rallying within a contracting wedge formation

jpy_3_newsWave Analysis

The Us Dollar is currently rallying within a contracting wedge formation. As long as the price remains within this shape formation, we expect a possible sell position. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lower side and should break below 106.360 towards 105.00 or even lower. But should the price break and close above the upper trend line, then further momentum to the upper side and should break above 38.2% towards 50.0% fib level.

Trade Recommendations:

Sell the impulsive wave (E) towards 106.175.

Sell the impulsive wave (E) towards 106.175.

Origin: FreshForex

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