Expect a possible rebound from 112.003 | 18 Juli 2017

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (c) extended lower during this intraday, but is currently approaching a key daily support level 112.003. As long as this support level protects the lower side, we expect a possible rebound from it to long this pair at the least risk possible. If its broken to the lower side, then we'll wait for a confirmation to short it with an ideal target at 108.435. At the moment, we 're expecting a possible rebound from 112.003 to long this pair with our target at 114.999. Trade this pair alongside CADJPY, AUDJPY, CHFJPY and USDCHF. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rebound from 112.003 to long this pair towards 114.999.