Wave Analysis:
During the previous trading day, the corrective wave (b) of the latest corrective three wave cycle extended slightly to the lower side and is still pretty much bearish. We expect this downward rally to be a flat correction and should not go beyond the daily support 105.30, from where we’ll be looking to buy the impulsive wave (c). This is from a wider point of view, if the price can break show a clear buy signal, then we’ll be quick to buy the impulsive wave (c) with our target at 107.85. This pair should be traded alongside GBPJPY, HKDJPY and AUDJPY. These pairs will have a similar price action today.
Trade Recommendations:
Wait to buy the impulsive wave (c) towards 107.85
Origin: FreshForex
