15 Februari 2021, USD/JPY
Wave Analysis
During the previous trading day, the US dollar bounced off from the Alligator indicator and could not rally lower towards the zone 104.461-104.275. As long as the price remains above this zone, we are looking for a possible long term buy position expecting price to rally upwards towards the upper zone 106.129-106.22. If the price again breaks and closes above this zone, then further momentum to the upper side will be expected. On the flipside, should the price break and close below 104.275, then this will be a good place to consider a possible long term sell position.
Trade Recommendations:
Look for long positions towards 106.129
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