Waiting for a long position around 111.040 | 23 July 2018
23 July 2018, USD/JPY
Wave Analysis:
Instead of rallying further to the upper side, towards 118.23. The US Dollar corrected itself significantly to the lower side but is still above the daily support level 111.284. This is a key level and unless the price clearly break below it, any rebound from this level will mark an end to the corrective three wave cycle and should be an onset to a impulsive wave to the upper side but should not go beyond the weekly resistance level 118.00. This view can only be invalidated in case the price breaks below 111.264, and even then we’ll be waiting for another break below 111.040 to confirm further bearish price rally.
Trade Recommendations:
Wa’re expecting a rebound from 111.264 to pick a long position towads 118.00.
Do you know against which currencies JPY is the most profitable?
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