USD/JPY Forecast: expect a possible rebound

news_22_feb_1_usd_jpy-Wave Analysis

During the previous trading day, instead of continuing to the upperside, the uS Dollar rallied to the lowerside and is now approaching a key daily support level 111.040. This is a key daily level and unless there’s a clear breakout below it, we expect a possible rebound from it to pick a long position with an ultimate target at 114.360. However, in case of a breakout below 111.040, then we’ll consider a short position with an ultimate target at 108.159. With the anticipated buy position, an ideal take profit should be 114.360 and the next at 118.00.

Trade Recommendations:

we’re long from 111.040

Origin: FreshForex

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