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Conservative traders should wait and buy a break above 114.46 towards 118.90.

Conservative traders should wait and buy a break above 114.46 towards 118.90. | 11 November 2021

11 November 2021, USD/JPY

Conservative traders should wait and buy a break above 114.46 towards 118.90.

Wave Analysis

During the previous trading day, while the the British pound was rallying to the lowerside, the US Dollar rallied to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As it is right now, we are looking for a continuation of the last impulsive wave (v) to the upperside and should break beyond 114.46 and may extend much higher towards 118.90 or even higher. On this chart, buyers appears to be in complete control, therefore, we only recommended buy positions.
Trade Recommendations:
Conservative traders should wait and buy a break above 114.46 towards 118.90.
Bob Stan
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