Wave Analysis:
Perfectly as previously forecasted, the Us Dollar retraced slightly to the upper side before plunging down but is still bearish both on the daily and the weekly charts. We expect further acceleration to the lower side and even a possible break below 111.92 as long as the pair remains below 113.63. The anticipated upward rally is the continuation of both the inner wave v and the outer wave (c) but should not go beyond 110. Any clear retracements above 113.63 will push the price to the upper side but should not go beyond 118. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +90% and will have a similar price action during this intraday. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price movements towards 111.92 or even lower to 110.
Origin: FreshForex
