We're expecting further corrections towards 111.53. | 22 Oktober 2021

22 Oktober 2021, USD/JPY

We're expecting further corrections towards 111.53.

Wave Analysis

During the previous trading day, the US Dollar corrected itself to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. The anticipated bearish price rally is the continuation of the corrective wave (4) to the lowerside but should not go beyond 111.53 and should not break it. A rebound from 111.53 will attract a possible long term buy position with an ideal target set at 114.56 and should breakout much higher towards 118.61. The idea on this chart is to watch fr low risk sell positions.
Trade Recommendations:
We're expecting further corrections towards 111.53.
Bob Stan
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