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Wait | 16 October 2018

16 October 2018, USD/JPY

Wave Analysis
Earlier this trading day, the US Dollar corrected itself to the upper side and is still showing signs of rallying even higher. We expect this upward rally to be a mere correction of the previous five wave cycle and should not go beyond 112.55 where we'll be looking to resell this pair at the least risk possible. If you're not any position, you could wait and sell a bounce from 112.55, and, should the price breakout above 112.55, then we expect a possible surge to the upper side with an ultimate target at 114.55 and may extend beyond 114.55.
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