Wait for a possible buy from 106.760. | 22 Juli 2020

22 Juli 2020, USD/JPY

Wait for a possible buy from 106.760.

Wave Analysis

Since last week, the US dollar entered into a range, not going above 107.359 or below 106.760. As long as the price remains within this range, we are waiting for either a break above 107.359 to pick a long term buy position, or a break below 106.760 to pick a long term sell position. Alternatively, if the price bounces from 106.760, then this will be a good buy place, and in case it bounce off from 107.359 to pick a sell position. This chart is good for reversal traders. Where we sell from 107.359 and buy from 106.760.

Trade Recommendations:

Wait for a possible buy from 106.760.

Bob Stan
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