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bears in control

bears in control | 24 July 2017

24 July 2017, USD/JPY

bears in control

Wave Analysis

For almost three weeks now, the Us Dollar has been in a constant downtrend and is not showing any signs of pulling back during this intraday. Following the breakout below the daily support level 110.82, this pair continues short and did't pullback as expected, this is a signs that bears are in complete dominance, however, if the price can pullback towards 110.82, then this will be the best place to short. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side but should not go beyond 109.56. Expect a similar wave count in CHFJPY, AUDJPY and CADJPY. These pairs will move in the same direction during this intrady.
Trade Recommendations:

Expect a possible bearish price rally towards 109.56

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Bob Stan
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