USDJPY – Down
Wave Analysis:
During the previous trading day, the US Dollar corrected itself intensely to the lowerside and is currently bouncing from a short term support level 111.040. Since the previous day’s candle was a perfect bullish pin bar candle bouncing from the a daily support 111.040, we expect a clear buy signal to pick a buy trade with an ultimate target at 114.56. The anticipated bullish price rally is the continuation of the impulsive wave (c) and may break above 114.56, but should not go beyond 118.00. IF the last target is broken, then a rally towards 121.00 is expected.
Trade Recommendations:
Buy from 111.040
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