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Buy the US Dollar upon a rebound from 105.38

Buy the US Dollar upon a rebound from 105.38 | 02 April 2018

02 April 2018, USD/JPY

Wave Analysis:

After hitting the lows of 104.85, this pair embarked on a corrective rally to the upperside. We expect the level 106.85 to have marked the end of the first subwave (a) that the current bearish price rally is the continuation of the corrective wave (b) and should not go beyond the 4 hour support level 105.34 where we'll be looking to buy the next impulsive wave (c) towards 107.85. If this target is broken, (107.85), then we'll expect a possible bullish momentum towards 111.15 or even higher. With that in mind, its good to remain flat and watch for a possible buy around 105.38 towards 111.11.

Trade Recommendations:

Buy the US Dollar upon a rebound from 105.38 towards 111.11

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Bob Stan
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