USDJPY – Down
Wave Analysis:
The US Dollar has been trading within the upper and the lower trendline for sometime now, during the previous trading days, the price rebounded from the impulsive wave cycle three towards the upper trendline at the corrective wave cycle four but then bounced back towards the lower trendline in continuation of the impulsive wave cycle five. Right now the price is around the lower trendline, I expect a break below the lower trendline and a further bearish momentum. If you are looking at this pair right now, wait for a clear break below the lower trendline.
Trade Recommendations:
Wait.
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