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Corrections | 20 July 2018

20 July 2018, USD/JPY

Corrections

Wave Analysis

During the previous trading day, the US Dollar corrected itself to the lowerside and may extend further to the lowerside. We expect this downward rally to be a corrective wave count but should not go beyond the daily short term support level 111.040. If you went long previously upon a break above 111.040, leave this position open, if not, then wait for this correction to rally even lower towards 111.040 to pick a long position. With this long position, you take profit should be fixed at 118.42.

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Bob Stan
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