Wave Analysis:
After successfully breaking above 113.18, the US dollar has remained confined within a rising, contracting wedge. we expect further rise to the upper side as long as the price remains above 113.18. Ideally, we expect a minor correction towards this level to pick a long position towards 123.4. If you’re a bit hesitant to buy this pair now, you could wait for a break above 115.00, then long this pair with your first target at 118.24 and the next at 123.00. This pair should be traded alongside CADJPY, USDCHF, AUDJPY, and CHFJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Remain long towards 123.00
Origin: FreshForex
