Wave Analysis:
After a bullish engulfing candle seen on Wednesday, the US Dollar went slightly to the upper side, and could not close above the highest level reached by this engulfing candle. We expect the bearish candle seen on Friday to be the unfolding of the corrective wave count and should not go beyond 111.95, where we’ll be looking to rebuy this pair at the least risk. As long as the level 111.95 is not violated, we still expect a possible bullish wave count towards 114.99. That said, we expect some consolidations around 111.95 before we finally we pick a momentum towards 114.99. This pair should be traded alongside CHFJPY, AUDJPY, NZDJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
We still long with an ultimate target at 114.99.
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