USD/JPY Forecast: expect a possible momentum to the upper side

a-5Wave Analysis

After a correction to the lowerside, the US Dollar failed to penetrate the daily support level 111.040. As long as the price remains above this level, we expect a possible momentum to the upperside. The anticipated bullish price rally will be the continuation of the impulsive wave (c) to the upperside and should first break above 114.00 but should not go beyond 118.00. On the lowerside, only a clear breakout below 111.040 will trigger a short position with an ideal target at 108.25 and the next at 104.960.

Trade Recommendations:

we’re long from 111.040

Origin: FreshForex

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