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flat but waiting for a possible sell

flat but waiting for a possible sell | 23 October 2017

23 October 2017, USD/JPY

flat but waiting for a possible sell

Wave Analysis

In the previous week, the Impulsive wave (D) extended upwards towards the upper trend line of the equidistant channel. This upwards move is expected to be temporary and we expect a rejection from this upper trend line for the impulsive wave (E) to extend further downwards towards our target at 107.14.However, if the impulsive wave (D) extends beyond 113.96, this downward move may be invalidated and price could rally upwards instead. Trade this pair alongside CADJPY, CHFJPY and AUDJPY since they have a strong positive correlation

Trade Recommendations

Expect a possible rejection from the upper trend line to short this pair towards 107.14.

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Bob Stan
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