27 September 2017, USD/JPY
Wave Analysis:
Partially as expected, the corrective three wave cycle ended a bit earlier than expected and could not reach our target set at 111.36. The pair then rallied to the upper side but is still being capped by the resistance level 112.47. As long as this resistance level protects the upper side we expect a possible rebound from this level to sell this pair. If this level is violated, then we expect an impulsive bullish wave count with the first target at 114.00 and the next target at 121.00. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY 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 positively correlated pairs are giving the same signal.
Trade Recommendatioons:
Expect a rebound from 112.47 to sell this pair. If the level 112.47 is broken, then the price could rise towards 114.00.
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