USDJPY – Down
Wave Analysis:
Yesterday at 16:00, the US Dollar traded massively short and even engulfed the previous four hour candle. Following the break below the pivot level 113.76, we expect further acceleration to the lower side as long as the resistance level 113.76 limits any invasion to the upper side, otherwise, any clear advancements above 114.88, may invalidate the anticipated downward rally and could culminate into a possible bullish wave count towards 116.57 or even higher to 124.00. Expect an exact similar wave count in AUD/JPY,, NZD/JPY, EUR/JPY, USD/CHF and an exact opposite wave count in EUR/USD, GBP/USD, NZD/USD
Trade Recommendations:
Look for potential short positions as long as the price remains below 113.76. Any clear breakout above 114.88 will call for long positions with the first take profit at 116.57.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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