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wait | 08 January 2019

08 January 2019, USD/JPY

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Wave Analysis

According to the hourly chart attached, the US Dollar is currently correcting itself to the upperside, but is confined within the rising wedge formation. We expect both the impulsive waves v and (c) to extend further to the upperside and may break above 109.25, if you're not in any position at the moment, the ideal recommendation is to wait, and should price break below the supportive trendline, then expect a possible break below 106.55 to pick a long term short position with the next ideal target being 100.00. On its way downwards, the key lines to check for include 105, 102 and the last one 100.00.

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