Last week, the US dollar went below the short term support level 108.40, and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below 108.40, we expect a possible bearish momentum with an ultimate target at 104.43. The anticipated bearish price rally is the continuation of the corrective wave (b) to the lower side but should not go beyond 104.43 where we'll be looking to buy the impulsive wave (c) with an ultimate target at 124.70. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.
Trade Recommendations:
Rebuy the US Dollar around 104.43 with your target at 124.70
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