Wave Analysis
In the previous week, the Impulsive wave (D) extended upwards towards the upper trend line of the equidistant channel. This upwards move is expected to be temporary and we expect a rejection from this upper trend line for the impulsive wave (E) to extend further downwards towards our target at 107.14.However, if the impulsive wave (D) extends beyond 113.96, this downward move may be invalidated and price could rally upwards instead. Trade this pair alongside CADJPY, CHFJPY and AUDJPY since they have a strong positive correlation
Trade Recommendations
Expect a possible rejection from the upper trend line to short this pair towards 107.14.
Origin: FreshForex
