Wave Analysis:
Instead of rebound from 108.79-108.13 as previously forecasted, the US Dollar is slowing breaking below this support zone since last week, if the price can close below 108.13 by the end of this week, then this will confirm a possible bearish rally towards 99.65 or even lower. So far, bears are on the lead and chances of price declining even further are highly anticipated. A close below 108.13 will mean waiting for a confirmation that the price will continue further low. This pair should be traded alongside other positively correlated pairs such as CADJPY, CHFJPY, and HKDJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
As long as the price remains below 108.79-108.13, expect further momentum to the lowerside
Origin: FreshForex
