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We are still short

We are still short | 31 October 2017

31 October 2017, USD/JPY

We are still short

Wave analysis.

In the previous intraday, the USDJPY got rejected at the weekly resistance level 113.96 just as predicted. This marked the end of the corrective wave (D) and the onset of the impulsive wave (E) which is bound to extend downwards towards106.09.This pair is expected to continue trading within this channel. If you did not sell this pair yesterday, look for a short position to sell USDJPY towards the lower trend line of this equidistant channel. This trade is valid as long as price is below 113.96. If price gaps or breaks above 113.96, this bearish price rally may be invalidated and price could rally upwards instead.Trade this pair alongside CADJPY, NZDJPY, AUDJPY and CHFJPY. These pairs have a strong correlation and will move in the same direction during this intraday.

Trade recommendation.

Short USDJPY towards 106.09.

FreshForex cancels commissions!

Bob Stan
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