USDJPY – Down
Wave Analysis
After a slight decline in value during the previous trading day, the US Dollar has gained almost 100% the value it lost the previous trading day. We expect further momentum to the upper side with our target being 107.455. If this target is broken, then we’ll expect a possible momentum to the upper side with our next target being 111.210. The anticipated bullish price rally will be the continuation of the impulsive wave c to the upper side and should not go beyond 111.210. This view can only be invalidated in case the price breaks below 106.595, if this is the case, then we’ll expect a rally to the lower side.
Trade Recommendation:
Conservative traders can wait for a break above 107.485 to onfirm a rally towards 111.210
You may check other analytical reviews on FreshForex website. Source: freshforex.com.