USDJPY – Down
The US Dollar is currently trading with an increasing bullish momentum. As expected, the pair traded massively long following the bullish engulfing candle witnessed on 6th Jan 2017 at 00:00 and even broke above the pivot level 116.46. As long as the US Dollar remains above this pivot level we expect a possible bullish wave count towards 118.16. A break above this level will push the price further to the upper side but should not go beyond 124.00. Sell positions may only be reconsidered below 116.2. Trade this pair alongside GBPJPY, CADJPY, NZDJPY and HKDJPY. These pairs have a strong positive correlation of up to +86% and will have a similar price action during this intraday.
Trade Recommendation:
Remain long as long as the pair remains above 116.46 with the first target at 118.16 and the next target at 124.00.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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