Wave Analysis:
Since the begining of this week, this pair has been in a corective mode despite the prevuious forecast that it could drop towards 100.00. Today and in the next few days, we expect further correction to the upper side but should not go beyond the 4 hour resistance level 107.709 where we’ll be looking to resel the impulsive wave (5) to the lowerside with an ultimate target at 100.00. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation of up to +62% and will move in the same direction today.
Trade Recommendations:
Resell the US dollar at 107.709 towards 100.00
Origin: FreshForex
