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The US Dollar consolidating around 113.8

The US Dollar consolidating around 113.8 | 07 March 2017

07 March 2017, USD/JPY

The US Dollar consolidating around 113.8

Wave Analysis:

Yesterday at 16:00, The 4Hour candle rose massively to the upper side and even ended up above 113.86. As long as the just broken level protects the lower side, we expect an acceleration to the upper side towards 118.52 or even higher. In the meantime, we choose to remain flat momentarily and wait for the consolidations around 113.8 to clear for potential buy signals. Any clear breach below 113.79 may render futile the anticipated upward price action and could push the price to the lower side. As long as we're bullish in this pair, we choose to remain long in USDCHF and CADJPY; these pairs have a strong positive correlation of up +89% and will have a similar price action during this intraday.

Trade Recommendations:

Waiting for a clear buy signals above 113.79 to go long with an ideal target at 118.00.

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Bob Stan
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