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We're short with a target at 108.403

We're short with a target at 108.403 | 01 August 2017

01 August 2017, USD/JPY

We're short with a target at 108.403

Wave Analysis:

During the previous trading day, the impulsive wave (5) extended lower and is still pretty much bearish both on the daily and weekly charts. During this intraday, we expect a possible extension of the impulsive wave (5) to the lower side but should not go beyond 108.403. If this line is broken, then this pair could fall further to the lower side. This downward rally is highly anticipated since the other positively correlated pair such as CHFJPY is very bearish and even had a bearish pin on it's daily chart (Shown below). We expect both pairs to rally on the lower ranges but may first pullback before continuing short. These pairs should also be traded alongside CADJPY, USDCHF and NZDJPY. These pairs have a strong positive correlation and will move in then same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 108.403

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Bob Stan
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