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Wait for a break below 108.44 to short usdjpy

Wait for a break below 108.44 to short usdjpy | 06 September 2017

06 September 2017, USD/JPY

Wait for a break below 108.44 to short usdjpy

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (b) traded on the lower ranges and could still fall further during this intraday. The anticipated bearish price rally is a mere continuation of the impulsive wave (c) to the lower side but should not go beyond 102.68. While this downward rally is highly anticipated, we're waiting for a break below 108.44 to confirm the continuation of this bearish wave count. If this should happen, then we're good to sell the US Dollar towards 102.68. We're trading this pair alongside CADJPY, HKDJPY, AUDJPY and CHFJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Wait for a break below 108.44 to confirm a possible sell position towards 102.68

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Bob Stan
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