USD/JPY Forecast: US dollar rallied to the lowerside and is currently slightly below 105.850

usd-jpyWave Analysis

The US dollar rallied to the lowerside and is currently slightly below 105.850. We expect this bearish move to be a corrective wave count and should not break below 104.459-104.302. If you are looking at this chart right now, remain on the sidelines, alternatively, place a pending buy limit order at 104.459 with your stoploss below 102.490 and take profit at 107.948. If the price breaks below 104.302, then this will be a good place to consider a possible long term sell position with an ultimate target at 102.490.

Trade Recommendations:

Wait for a possible buy from 104.459.

Place a pending buy limit order at 105.489 stoploss below 104.459 and take profit at 107.948.

Origin: FreshForex

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