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Bears Gaining momentum

Bears Gaining momentum | 05 September 2017

05 September 2017, USD/JPY

Wave Analysis:

After a third rejection from 110.72, the US Dollar is showing potentials it could sustain the break below 110.72. With that in mind, as long as the price remains below 110.72, we expect a possible bearish price rally with the first target at 106.69 and an ultimate target at 102.68. If you did sell the US Dollar on the first pullback towards 110.72, you could wait for a fourth attempt to retrace to this resistance level then sell it with your first target at 102.68. Ideally, the best place to short this pair is if it can pullback towards 110.72, as it is, its still bearish, but the best place to short is 110.72. This pair will have a similar price action to CADJPY, NZDJPY, and CHFJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your first target at 106.69 and the next target at 102.68.

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Bob Stan
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