USD/JPY Forecast: US dollar is currently in an active downtrend

jpy_1Wave Analysis

The US dollar is currently in an active downtrend. As long as the remains below the upper 100 Period moving average, we expect nothing but a possible momentum to the lowerside. The current bullish price rally is the continuation of a corrective wave count but should not go beyond the upper trendline. If the price breaks and closes above the upper trendline, then we will expect the current corrective wave cycle to continue to the upperside with an ultimate target around 105.210.

Trade Recommendations:

Waiting for a sell from the upper trendline towards 103.790.

Waiting for a sell from the upper trendline towards 103.790.

Origin: FreshForex

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