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Only buy upon a break above 111.080.

Only buy upon a break above 111.080. | 05 July 2018

05 July 2018, USD/JPY

Only buy upon a break above 111.080.

Wave Analysis

A fortnight ago, there was an inside bar candle followed by a bullish engulfing candle on the weekly chart, Nonetheless. the us dollar failed to even break above the daily resistance level 111.080. We expect a possible breakout above this level to pick a buy position. The anticipated bullish price rally is the continuation of the impulsive wave (c) and may break above 114.360. If this is the case, then we'll expect an acceleration to the upper side with the next ideal target at 118.600. Sell positions can only be recommended in case the price breaks below 100.306.

Trade Recommendations:

We recommend looking for a low risk buy upon a break above 111.080.

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