Wave Analysis:
We’re still rallying somewhere around 105.50-107.30, we expect this consolidations to be the continuation of the corrective wave (iv) but should not go beyond 107.30 where we’ll be looking to sell the impulsive wave (v) to the lower side and may go beyond the daily support seen at 101.01. If you’re not already in a short position, you could wait for a pullback towards 107.30 to short this pair at the least risk possible. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Sell the US Dollar from 107.30 with your target at 101.01
Origin: FreshForex
