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Bears Gaining momentum

08 September 2017, USD/JPY

Bears Gaining momentum

Wave Analysis:

During the previous trading day, the impulsive wave (c) extended to the lower side and even went below the short term support line 108.44. We're waiting for this pair to sustain this break to give us the green light to continue short with our first target 102.68. If this level is broken, the price continue even downwards towards 100.00. If by the close of this week, the weekly candle, end up closing above 108.44, then this will push the price to the upper side, but as it is, we're short. This pair has a strong positive correlation to CADJPY, NZDJPY, CHFJPY and USDCHF. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday.

Trade Recommendations:

We're short with our target at 102.68

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Graham Osano
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