Wave Analysis:
After a gap above the resistance level 110.72, the US Dollar is showing the potential of sustain this gap. As long as the price remains above 110.72, we expect a possible bullish price rally towards 114.00 and could break even higher. This view can only be invalidated in case the price end up violating 110.72, if this is the case, then an acceleration towards 102.64 is inevitable. This pair should be traded alongside CHFJPY, AUDJPY, AUDJPY, NZDJPY and EURJPY. These pairs have a strong positive correlation and will move in the same direction during this trading day. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendion:
Expect a possible bullish price rally towards 114.00
Origin: FreshForex
