USDJPY – Down
During the previous trading days, the price bounced off from the upper trendline towards the lower trendline at the corrective wave cycle two, it then rebounded towards the impulsive wave cycle three but then bounced back to the lower trendline at the corrective wave cycle four. Recently the price rebounded from the lower trendline towards the upper trendline in continuation of the impulsive wave cycle five. Right now the price is around the upper ,if you are looking at this pair right now wait for a clear break above the upper trendline or a bounce to the lower side to pick a buy or a sell according to the price action.
We are on the sidelines.
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