Wave Analysis:
For the past few months, the US Dollar has been rising relentlessly and is still showing signs of possibly momentum to the upper side.The previous week’s candle is a perfect bullish continuation candle and will likely push the price further to the upper side. Just as the previous week, the current chart set up and structure still shows signs of bullish dominance, thus, selling or holding onto sell orders in this pair could be risky in the long run. Instead, we’re waiting for minor retracements to the lower side to give us low risk buy opportunities towards 121.00 and possibly higher to 124.00. Expect an exact similar wave count in NZDJPY, CADJPY, AUDJPY and an exact opposite price action in EURUSD and GBPUSD.
Trade Recommendations:
Remain long with the first target at 121.00 and the next target at 124.00.
Origin: FreshForex
