Depending on how much risk you are willing to take, here are some key levels you should look at. UJ showed some resistance reaction when it did hit the high around 118.50 last week. Therefor we could be at an area with a potential scalp short to re-enter for this Dollar rally. The risk reward is pretty good for a scalp short at this point.
+ a simply upside break would extend this rally even further to the last year highs. High risk since this could prove to be a simple fake out followed by a rapid dump.
+ retrace to the 114 area with the 0.618 pitchfork line. Also the area of the FOMC rate hike breakout.
+ a deeper retracement to the 112-111.30 area for the patience people. Here you have the media-line of the pitchfork move as well as the first 0.618 fib-entrancement entry.
Scalp shorts can be possible at this point. But keep tight stops and also move your stop to break even if it breaks down from the recent lows.
Good Luck!
+ a simply upside break would extend this rally even further to the last year highs. High risk since this could prove to be a simple fake out followed by a rapid dump.
+ retrace to the 114 area with the 0.618 pitchfork line. Also the area of the FOMC rate hike breakout.
+ a deeper retracement to the 112-111.30 area for the patience people. Here you have the media-line of the pitchfork move as well as the first 0.618 fib-entrancement entry.
Scalp shorts can be possible at this point. But keep tight stops and also move your stop to break even if it breaks down from the recent lows.
Good Luck!