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Short towards 108.40.

Short towards 108.40. | 29 August 2017

29 August 2017, USD/JPY

Short towards 108.40.

Wave Analysis:

Perfectly as per the previous day's forecast, the impulsive wave (5) extended to the lower side but is yet to hit our target set at 108.40. As long as the price remains above this level, we expect a possible rally towards this level and even a break below. If the latter is the case, then this pair could fall even further but should not go beyond 100.12. A clear rebound around 108.40 will mean looking for a long position to the upper side towards 111.29. This pair will have a similar price action to CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal.

Trade Recommendations:

Expect a rally towards 108.40.

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Bob Stan
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