Wave Analysis:
Following the break below the support level 111.904, the US Dollar is still reluctant to go short, instead, this pair retraced back to the same level during the past few days but could not close above it. As long as the price remains below this level to have marked an end to any corrections to the upper side that the current bearish price rally is the continuation of the impulsive wave (c) to the lower side but should not go beyond 105.173. A breakout below this line will push the price further to the lower side with an ultimate target at 100.014. Expect a similar wave count in CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 105.173.
Origin: FreshForex
