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Wait for a rebound from 38.2% fib level to pick a possible sell position.

Wait for a rebound from 38.2% fib level to pick a possible sell position. | 16 April 2021

16 April 2021, USD/JPY

Wait for a rebound from 38.2% fib level to pick a possible sell position.
Wave Analysis
During the previous trading day, the US Dollar established a swing low around 108.660 and is currently pulling back to the upperside The current move we are seeing to the upperside is a corrective wave count and should not go beyond 38.2% fib level. A rise above this fib will push the price even further to the upperside with the next ideal target set at 50.0% fib level. If the price should breakout and close below 108.660, then we will be expecting further momentum to the lowerside towards 105.00.
Trade Recommendations:
Wait for a rebound from 38.2% fib level to pick a possible sell position.

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