Wave Analysis:
Earlier today, the pair rebounded perfectly from the upper resistive trend line, headed short and even broke below the lower trend line forming bottom of the falling wedge, following this breakout, we expect further bearish momentum towards 114.95 and possibly lower. The anticipated downward price movements should be the continuation of wave (c) and should not go beyond 114.80. In the meantime, we’re waiting for a clear breakout below 116.71 to confirm the continuation of the anticipated downward rally. Expect an exact similar wave count in CADJPY. NZDJPY, AUDJPY and EURJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
If you’re not short already, wait for a clear breakout below 116.71 to go short with an ideal target at 114.95.
Origin: FreshForex
