USD/JPY Forecast. Short around 110.72

jpy_2_newsWave Analysis:

For almost a week now, US Dollar corrected itself upwards despite our expectations that it should continue. We expect the bullish price rally that has dominated this week to be a mere correction of the impulsive wave (c) and should not go beyond 110.72 where we’ll be looking to resell the impulsive wave (c) at the least risk possible with our target at 102.58. If, 110.72 is violated, then a bullish acceleration towards 114.81 will be inevitable. But as long as the level 110.72 still protects the upper side we expect a possible rebound from 110.72 to short this pair towards 102.68. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY, GBPJPY and NZDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Short the Us Dollar around 110.72 with your take profit at 102.68

Origin: FreshForex

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