Technical Observation:
So far, I've not seen any significant move to my take profit set at 114.80. Last week's candle was a perfect bullish continuation candle and means the price could spike upwards and even breakout above 114.80. As it on the weekly chart above, only a buy position looks more ideal and can be recommended with an ideal take profit at 114.80. Should the price breakout above 114.23, then I'll wait for a breakout above 114.80 to confirm a bullish price rally towards 118.45 or even higher.
Technical Levels
Resistance levels
R1: 113.1
R2: 114
R3: 116.04
Pivot
113.97
Support Levels
113.97
Support Levels
S1: 107.9
S2: 109.94
S3: 111.06
Trade Signal
Long Usd now with a take profit at 118.45
Remain long with an ultimate target at 121.00
Wave Analysis:
During the previous trading day, the US Dollar opened at 113.51, went as low as 113.23 and as high as 113.68 but ended up closing at 113.53, just a few pips above its opening price. The previous day's candle is a perfect bullish pin and will likely push the price further to the upper side. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side and should break above 114.20 towards 121.00. If you're a bit skeptic to buy this pair now, you could wait for a clear breakout above 114.20, then buy the impulsive wave (c) with an ultimate target at 121.00. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction.
Trade Recomendation:
Remain long with an ultimate target at 121.00
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