Wave Analysis:
During this week, the impulsive wave (5) come to an unprecedented end and could not go below the level 105.20. We expect the upward rally that began few days ago to be the unfolding of a corrective three wave cycle, but should not go beyond the daily resistance level 107.40. According to the 4 hour chart above, we choose to remain flat and wait for clear directions, our overall opinion is that if the price can descend below the 105.20 handle, then a drop towards 100.00 or even lower is expect. This pair will have a similar price action to CADJPY, NZDJPY, CHFJPY and NZDJPY.
Trade Recommendations:
Flat
Origin: FreshForex
