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We're short

We're short | 09 August 2017

09 August 2017, USD/JPY

We're short

Wave Analysis

Perfectly as previously anticipated, the impulsive wave (5) traded on the lower ranges and is still pretty much bearish both on the daily and the weekly charts. During this intraday, we expect a possible extension of the impulsive wave (5) to the lower side but should not go beyond 108.59, if this level is broken, then this pair could fall even further with the next target at 100.00. On the contrary, if the short term resistance line 110.79 is broken, then the Us Dollar could rise towards 112.003 which is a potential sell place. HKDJPY and CHFJPY have a strong positive correlation of 62% and will move in the same direction.

Trade Recommendations:

We're short towards 108.59.

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Bob Stan
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