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Flat | 01 November 2017

01 November 2017, USD/JPY

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Wave Analysis:

The Us Dollar is still consolidating along the upper resistive trend line. We're waiting for either a breakout above this trend line to buy this pair, or a clear sell signal to short this pair at the least risk possible. If a clear sell signal is seen, especially along this trend line, then a short position will be more ideal. The expected short position is merely the continuation of the impulsive wave (E) to the lower side towards the lower trend line. According to the daily chart above, we're only advocating for a short position, but if the price rises above this trend line, then we may consider a long position towards 121.00. This pair will have a similar price action to GBPUSD, NZDUSD, and AUDUSD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendation:

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