USD/JPY Forecast: further rise with a target at 118.00

a-5Wave Analysis:

The US Dollar continues to consolidate somewhere along the upper resistance trend line. Were waiting for a clear sign that the corrective wave (D), then well sell the impulsive wave (E) with an ultimate target along the lower trend line. This view can only be rendered futile in case the price breaks above 114.60, if this is the case, then further rise with a target at 118.00 is expected. This pair should be traded alongside USDCHF, CADJPY, NZDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

We’re short with a target at 107.00

We're short

Origin: FreshForex

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