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Waiting for a rebound

Waiting for a rebound | 16 August 2017

16 August 2017, USD/JPY

Waiting for a rebound

Wave Analysis:

During the previous trading day, the Us Dollar pulled back higher but is currently rallying around a key resistance zone 110.92-110.71, as long as this zone protects the upper side, we expect a rebound from this zone to short this pair with an ideal target at 108.90. If this zone is broken to the upper side, then we expect a possible bullish price rally with an ideal target at 118.00. Meanwhile, we expect possible consolidations around this zone before we pick a clear direction. This pair will have an exact similar price action in USDCHF, AUDJPY, CHFJPY and EURJPY. Apart from the last pair, the remaining pairs always have a strong positive correlation to usdjpy and will move in the same direction:

Trade Recommendations:

Wait for a rebound around 110.92-110.71 to short usdjpy with an ideal targeta t 108.90.

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Bob Stan
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