23 Juni 2021, USD/JPY
Wave Analysis
For the past few days, the US Dollar has been in an active up trend. Yesterday, we saw a surge to the upperside, but the price could not breakout beyond the upper trendline. While the price does not violate the upper trendline, we are expecting a possible rebound from this trendline to pick a long term sell position. In case the price rebounds from this trendline, then we will be looking for a possible long term sell position. As it is now, sell position looks ideal especially if the price fails to breakout beyond the upper trendline. In case, the price ascends beyond this trendline, then further momentum to the upperside is expected with an ideal target set around 116.000 and may extend much higher towards 118.
Trade Recommendations:
Wait and sell a rebound from the upper trendline.
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