As expected, the pair rebounded perfectly from the supportive zone 114.82-114.49, headed massively long, and is still showing signs of momentum to the upper side. Although we expect further accelaration to the upper side, we choose to sit on the sidelines and wait for minor corrections to the lower side to give us low risk buy opportunities. The anticipated upward rally should be the continuation of the impulsive wave (c) towards 121.00 and may go further to 124.00. This view is highly anticipated since the other negatively correlated pairs, GBP/USD, AUD/USD, EUR/USD are very much bearish and will likely trade short for the better parts of this trading day. Only buy or sell usd/jpy if the other pairs are giving an exact opposite signal.
Trade Recommendations:
Remain long with the first target at 121.00 and the next target at 124.00
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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