Wave Analysis:
As previously forecasted, the impulsive waves (v) and (c) ended perfectly around 111.9 and could not hit our set target at 111.76. During this intraday, we expect a possible retest of this level, 111.76, to give us low risk buy opportunities. Otherwise, any clear developments below 111.62 will mean we’re continuing short towards 110.78. A break below this level will push the price further to the lower side but should not go beyond 109.045. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY, HKDJPY and USDCHF. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday.
Trade Recommendations:
Wait and buy upon a clear rebound from 111.91. Sell positions will only be recommended below 111.74 with the first target 110.78.
Origin: FreshForex
