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US Dollar preparing to continue short from 111.84

US Dollar preparing to continue short from 111.84 | 22 May 2017

22 May 2017, USD/JPY

US Dollar preparing to continue short from 111.84

Wave Analysis:

During the previous trading day on May 19th 2017, the US Dollar opened at 111.45, went as low as 111.02 and as high as 111.68 but ended up closing at 111.24 just a few pips below its opening price. The previous day's candle is an indecision candle below a key support level 111.84; unless this level is broken to the upper side, we expect a possible bearish price rally towards 100.0. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side. Expect a similar price action in CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 111.84 to go short with an ideal target at 100.0

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Bob Stan
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