Wave Analysis:
After a drastic drop the previous trading day, the US dollar is currently pulling back upwards. This is a mere correction and should not go beyond 108.40 where we’ll be looking to resell the corrective wave (b) with our target being 104.43. If you’re a bit skeptic to look for this short position, you could wait for a rebound from 104.43 to buy the impulsive wave (c) with your first target set at 114.35 and the next target at 118.00, or a break below 104.00 to continue short. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY, HKDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Remain short with your target at 104.00
Origin: FreshForex
