Wave Analysis
During Wednesday and Thursday this week, the Us Dollar lost almost 75% the value it gained earlier in this week. This is due to the resistance zone established around 110.69-110.96 earlier this week. We expect the downward rally that began two days ago to be the continuation of the impulsive wave (5) to the lower side but should not go beyond 106.43, if this level is broken, then a bearish accelaration towards 100.00 will be inevitable. This pair will have a similar price action to GBPJPY, HKDJPY, NZDJPY, CHFJPY, AUDJPY and CADJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally with an ideal target at 106.43.
Origin: FreshForex
