Look for a long position now towards 107.65 | 16 March 2018

Wave Analysis:

During the previous trading day, the US dollar closed as a bullish pin bar on the daily chart. We expect this pin bar to have marked the end of the corrective wave (b) that any clear movements to the upper side will be the unfolding of the last impulsive wave (c) to the upper side and should break above 107.65 towards 111.13. This view can only be invalidated in case the price breaks below 105.38, this being the case, we expect a momentum towards 100.25. This pair should be traded alongside CADJPY, CHFJPY and HKDJPY. These pairs will have a similar price action today.

Trade Recommendations:

Look for a long position now towards 107.65