Wave Analysis:
According to the daily chart above, we’re still seeing a correction of the impulsive wave (E) to the upper side and currently, the price is above 111.92. As long as the price remains above this line, we expect further correction to the upper side but should not go beyond the upper resistive trend line. You could remain short or wait for a rebound from this upper trend line then short Usd towards 107.25. According to the daily chart above, it looks only safe to remain on the sidelines and wait for a sell. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY, and HKDJPY. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Remain on the sidelines and wait to sell the US dollar around the upper trend line.
Origin: FreshForex
