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Sell the US Dollar around 110.72.

Sell the US Dollar around 110.72. | 04 Septiembre 2017

04 Septiembre 2017, USD/JPY

Wave Analysis

on 31st July, the US Dollar went below the daily support level 110.72 and is currently struggling to sustain this break below. As long as this level protects the upper side, we expect a possible bearish rebound from this level to resell the impulsive wave (c) with the first target at 108.43 and the next target at 102.68. Should the price violate this resistance (110.72) the the US Dollar could rise further but should not go beyond the end of the corrective wave (b), 114.81. This pair will have a similar price action to CHFJPY, CADJPY and HKDJPY. These pairs have a strong positive correlation of up to +68% and may move in the same direction during this intraday.
Trade Recommendations:
Sell the US Dollar around 110.72.

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Bob Stan
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