USDJPY – Down Wave Analysis: The US Dollar extended a bit higher than expected and ended up above 114.01 but is yet to reach our target rebounded level around 115.38. The current bearish price movements on the 4H chart is the unfolding of the corrective wave (b) but should not go beyond 114.01 from where we’ll be looking to buy the impulsive wave (c) towards 115.35 or even higher. This view can only be invalidated in case the corrective wave (b) end up below 114.01, if this is the case, then an acceleration to the lower side is inevitable. This downward rally is highly anticipated since other positively correlated pairs, USDCHF, NZDJPY,and CADJPY are pretty much bullish and will have a similar price action during this intraday. Trade Recommendations: Conservative traders should wait for the current bearish rally to end around 114.01 to go long with an ideal target at 115.38 or wait and buy above 115.38 with an ultimate target at 118.
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