Wave Analysis:
Despite the massive drop in price seen last week, this pair continues to consolidate above the lower supportive trend line and is showing signs of not breaking below it. As long as the price remains above this trend line, we expect this trend line to have marked the end of the corrective wave (D), that the current stagnation above this trend line is a mere unfolding of the impulsive wave (E) to the upper side but should not go beyond 114.00. This pair will have a similar price action to HKDJPY, NZDJPY and AUDJPY. These pairs have a strong correlation and will move in the same direction.
Trade Recommendation:
Look for a buy position towards 114.00
Origin: FreshForex
