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

jpy_3_newsWave Analysis

The Us Dollar is within a contracting wedge formation. If the price breaks above the upper trendline, then further momentum to the upperside is expected. As it is right now, we’re waiting for a rebound from the lower trendline to pick a buy position or a break above the upper trendline to pick a possible long term buy position. If you are looking at this chart right now, we are recommending a buy of the last impulsive wave (E) to push price to the upperside.

Trade Recommendations:

Buy a breakout above the upper trendline towards 112.90.

Buy a breakout above the upper trendline towards 112.90..

Origin: FreshForex

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