Wave Analysis:
USD/JPY is currently trading with a bullish bias. Yesterday, the pair made a corrective move below the supportive trend line but ended up rebounding from the level 109.10. As long as the price trades above this level we expect an upward rally towards 109.84. A breakout above 109.95 will push the price further to the upper side. This pair is strongly positively correlated to US Dollar index and will likely follow the dollar index. Thus, as long as the dollar index remains bullish, look for long positions in this pair.
Trade Recommendations:
If you are not long already, sit on the sideline and buy above 109.95. In case of a clear rebound from 109.84-109.95, go short with your first target 109.10. A clear breakout below this level will call for further short positions with our next target at 107.91.
Origin: FreshForex
