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31 January 2020, USD/JPY

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Wave Analysis

During the previous trading, the US Dollar bounced off from 108.580, we expect this bounce to be the end to the impulsive wave (5) that the current Bullish price rally is the continuation of a corrective three wave cycle and could see the price break above the previous day's highest high towards 109.813. This view can only be invalidated in case the price breaks and closes below 108.580, if this is the case, then further momentum to the lowerside is expected with an ultimate target around 107.740.

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Bob Stan
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