USDJPY – Down
Wave Analsis
Instead of going long as previously forecasted, the US Dollar barely attempted a break above 109.872 before going to the lower side, we expect this downward rally is just a correction of the impulsive wave (c) and should not go beyond the daily support level 108.678 where we’ll be looking to rebuy the impulsive wave (c) towards 114.067. While this impulsive wave is unfolding upwards, the key places to book profits include 111.540, and 113.070. This view can only be invalidated in case the price breaks below 108.674.
Trade Recommendations:
Rebuy the cable around 108.674 towards 114.067.
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