Wave Analysis:
During the previous trading day, the US Dollar opened at 113.51, went as low as 113.23 and as high as 113.68 but ended up closing at 113.53, just a few pips above its opening price. The previous day’s candle is a perfect bullish pin and will likely push the price further to the upper side. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side and should break above 114.20 towards 121.00. If you’re a bit skeptic to buy this pair now, you could wait for a clear breakout above 114.20, then buy the impulsive wave (c) with an ultimate target at 121.00. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction.
Trade Recomendation:
Remain long with an ultimate target at 121.00
Origin: FreshForex
