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US Dollar retracing but should not go below 113.87

US Dollar retracing but should not go below 113.87 | 03 March 2017

03 March 2017, USD/JPY

US Dollar retracing but should not go below 113.87

Wave Analysis:

Yesterday, The US Dollar rose almost 70pips above it's opening price but is currently rallying to the lower side. We expect the downward rally that began earlier today to be an onset of a bearish pullback and should not go beyond 113.86 from where we'll be looking for low risk buy opportunities. Any clear developments below 113.7 will mean we're headed further short with our next target at 112.71 or even lower. A clear rebound above 113.86 will culminate into a possible bullish price movements with our previous target still intact at 118. Expect a similar wave count in USDCHF and CADJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.

Trade Recommendations:

If you're not long already, wait for minor pullbacks towards 113.86 then go long with an ideal target at 118.00.

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Bob Stan
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