Wave Analysis:
Earlier the previous week, the US dollar bounced off from the supportive trend line and is still pretty much above it. As long as this trend line protects the lower side, we expect a possible bullish price movements towards 114.56 or even higher. The anticipated bullish price movements is the continuation of the impulsive wave (E) and may breakout above 114.56 towards 118.00. This view can only be invalidated inn case the price descend below the lower trend line, if this is the case, then we expect a possible bearish price movements towards 108.00 or even lower. This pair has a strong positive correlation to HKDJPY, CHFJPY, NZDJPY, AUDJPY and CADJPY. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell Us dollar if the other pairs are giving the same signal.
Trade Recommendations:
Remain long with your target at 114.67
Origin: FreshForex
