Bullish pin on the daily chart | 11 Mei 2017

Wave Analysis:

Yesterday, the US Dollar opened at 113.94, went as low as 113.614 but ended up closing at 114.27. The previous day's candle is a perfect bullish engulfing candle pointing towards 115.04. Today, we expect a possible extension of the impulsive wave (5) towards our previous target at 115.04. Conservative trader may wait and buy upon a clear breakout above 115.04 or alternatively sell upon a clear rebound from 115.040. Expect a similar price action in CADJPY, NZDJPY, USDCHF and CHFJPY. These pairs will have a similar price action during this intraday. Only buy or sell USDJPY if the other pairs are giving the same signal.

Trade Recommendation:

Expect a possible bullish price movements towards 115.040.