USD/JPY Forecast: waiting for a possible bounce from within 109.405

jpy_1Wave Analysis

The corrective wave (iv) continues to the lower side despite the previous forecast that it could not descend below 109.54. While the price is not able to clearly break below 109.405, we’re waiting for a possible bounce from within 109.405 to pick a long term buy position. The anticipated bullish price rally is the continuation of the impulsive wave (v) and should break above 112.130 towards 114.00 or even higher. If you are looking at this chart now, expect a possible bounce from around 109.21 to pick a long term buy position.

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Origin: FreshForex

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