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Still correcting upwards

Still correcting upwards | 01 September 2017

01 September 2017, USD/JPY

Still correcting upwards

Wave Analysis:

Few weeks ago, after breaking below 110.72, the Us Dollar rallied even lower, but has currently retraced back to the same level. We expect a possible rebound from this level to sell the US Dollar with an ideal target at 102.88. This view will only be rendered futile in case the price end up breaking above 110.72, if this should be the case, then a rally towards 114.81 is anticipated. But as it is, we safely advocate for short position at 110.72 with a target at 102.68. This pair have a strong positive correlation to HKDJPY, NZDJPY, AUDJPY, CHFJPY and CADJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday.

Trade Recommendations:

Sell the US Dollar at 110.72 with your take profit at 102.68

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Bob Stan
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