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Sell Us Dollar around 110.75

Sell Us Dollar around 110.75 | 31 August 2017

31 August 2017, USD/JPY

Sell Us Dollar around 110.75

Wave Analysis

After the end of the previous five wave cycle, around 108.40, the Us Dollar has recovered almost 90% the value it lost during the unfolding of the impulsive wave (5) and is currently reaching out to the end of the previous corrective wave (4) (110.75). This is a clear sell place and as long as it protects the upper side, we expect a possible sell around this level. If this level is violated, then the price could rise further towards 112.00, which could act as the best sell place. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY. These pairs have a strong positive correlation on the daily charts and will likely move together during this intraday.

Trade Recommendations:

Wait and sell the Us Dollar around 110.75 with an ideal target at 108.40.

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Bob Stan
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