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Still Short

Still Short | 31 July 2017

31 July 2017, USD/JPY

Still Short

Wave Analysis

Perfectly as previously anticipated, the impulsive wave (5) extended lower , broke below the support level 111.158 and is still showing signs of possible momentum to the lower side. As long this support now protects the upper side we expect a possible bearish wave count but should not go beyond 108.402. A break below this level may push the price further to the lower side but should not go beyond 100.00. This pair have an exact similar price action to CADJPY, CHFJPY and USDCHF and should move in the same direction during this intraday. Only buy or sell usdjpy if the other positively correlated pairs are giving the same signal.
Trade Recommendations:

Expect a possible bearish price rally towards 108.402

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Bob Stan
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