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usdjpy sell

usdjpy sell | 16 October 2017

16 October 2017, USD/JPY

Wave Analysis:

After the bullish exhaustion candle seen last week, the US Dollar dropped to the lower side and could still drop even during this week. We expect the level 113.49 to have marked the end of the corrective wave (D), that the current bearish price rally is the continuation of the impulsive wave (E) to the lower side but should not go below the lower support trend line, if this support is broken, then the price could drop even further but should not go beyond 106.90. This pair should be traded alongside other positively correlated pairs such as CHFJPY, AUDJPY, NZDJPY and GBPJPY. These pairs will have a similar price action during this intraday
Trade Recommendation
Remain short towards 106.90

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Bob Stan
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