USDJPY – Down
During the previous trading day, the US Dollar rose tremendously, but has currently pulled back to the lowerside and is slightly below the previous day’s opening price. As long as the price remains above the level 111.706, we expect to continue long with both the impulsive waves [c] and (iii), and should breakout above 114.21 towards 118.324. Conservative traders can begin looking for low risk buy orders with their stop loss below the pin bar seen on the weekly chart. You could also have a pending buy order midway this pin bar.
Buy the US Dollar around 111.706 with your take profit at 114.367.
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