Wave Analysis:
Despite the bullish engulfing candle seen on 20th of this month, the US Dollar barely continued to the upper side and has currently pulled back to a key daily support level 111.826. As long as the price remains above this level, we expect this level to act as a support to any movements to the lower side. Thus, we expect a rebound from this level to culminate into a possible bullish price rally towards 114.99 or even higher. Right now, we’re keen to check for possible rebound from this level to buy this pair with our target at 114.99.00. This pair should be traded alongside GBPJPY, AUDJPY, NZDJPY, and CHFJPY. These pairs have a strong positive correlation of up to +68% and will move in the same direction today.
Trade Recommendations:
Buy the US Dollar around 111.826 with an ideal target at 114.99.
Origin: FreshForex
