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Expect a possible rebound from 112.003 to long this pair

Expect a possible rebound from 112.003 to long this pair | 19 July 2017

19 July 2017, USD/JPY

Expect a possible rebound from 112.003 to long this pair

Wave Analysis:

Perfectly as previously anticipated, the impulsive wave (c) extended to the lower side and even hit our target at support level 112.003. We expect the level 112.003 to have marked the end of this impulsive wave count, that the price should rebound from this level to buy this pair at the least risk possible. Ideally, as long as the support level 112.003 is not violated, we expect a possible impulsive wave count towards 114.999. trade this pair alongside GBPUSD, EURUSD, NZDUSD and EURAUD. These pairs have a strong negative correlation of up to -71% and will move in exact opposite price action during this intraday. When you'll be looking for a buy around 112.003, look for a short position in the other negatively correlated pairs.

Trade Recommendations:

Expect a possible rebound from 112.003 to long this pair towards 114.999.

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Bob Stan
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