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Buy the US Dollar upon a rebound from 108.72

Buy the US Dollar upon a rebound from 108.72 | 31 May 2018

31 May 2018, USD/JPY

Buy the US Dollar upon a rebound from 108.72

Wave Analysis

After a drastic decline in this pair, the US Dollar is currently rallying around a key daily support 108.48. This is a key level and unless its clearly violated to the lowerside, we expect a possible rebound from it to pick a long position with our first target at 111.07 and the next at 114.27. We expect this upward rally to be an impulsive five wave cycle and may ultimately break above 114.17, but should not go beyond 118.00. Should the price break below 108.48, then this will be an ideal place to look for short positions with an ultimate target at 105.39.

Trade Recommendations:

Buy the US Dollar upon a rebound from 108.72 with your take profit at 111.07

101% Double the volume

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