USD/JPY Forecast: Us dollar is still being held below the immediate upper trendline

jy-l6Wave Analysis

The Us dollar is still being held below the immediate upper trendline but above the lower trendline. As we said previously, we are still looking for long term sell positions on this chart, our expectations is that the price should continue to the lowerside and should breakout below 103.880 towards 103 or even lower. The anticipated bearish price rally is the continuation of the last impulsive wave (E) to the lowerside but should first pull back upwards towards 105.290 or even higher towards the upper trendline.

Trade Recommendations:

Remain short towards the lower trendline.

Wait for low risk sell positions with an ideal target at 103.880.

Origin: FreshForex

Leave a Reply