16 Juli 2021, USD/JPY
Wave analysis
Yesterday, instead of continuing to the lowerside as prevviously expexted, the US Dollar rallied to the upperside and may extend much higher. However, we will need to see a clear breakout above the Alligator indicator to pick a possible long term buy position expecting the price to rally towards 111.56, on the otherhand, if the price should breakout below the previous day's lowest low, then further momentum to the lowerside with the next ideal target set around 107.00. At this point, sell positions still remain ideal, but we cannot rule out the positibility that the price may ascend beyond the moving averages shown above.
Trade Recommendations:
Wait for a low risk sell position.
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