USDJPY – Down
The US Dollar has been trading within the upper and the lower trendline for sometimes now, previously the price bounced off from the corrective wave cycle two towards the lower side at the impulsive wave cycle three, but then rebounded towards the upper trendline at the corrective wave cycle four. As at now, the price is on the upper trendline I expect a further bearish momentum towards 133.75 in continuation of the impulsive wave cycle five. On the flipside, should the price break above the upper trendline, then 136.75 would be a good place to pick a buy from with the first ideal target at 138.75.
We are sellers towards 133.75.
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