02 November 2017, USD/JPY
Wave Analysis:
The Us Dollar remains above the upper resistance trend line despite our previous anticipated that it could drop below it. As long as this trend line protects the lower side, we expect a possible extension of the corrective wave (D) to the upper side but should not go beyond the end of the first corrective wave (B), 114.36. If the price can breakout above this line, then further rise towards 123.00 is expected. With this point view, the anticipated continuation of the impulsive wave (E) to the lower side is invalidated. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and GBPJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
As long as the price remains above the upper trendline, we're looking for a long position with our target at 123.00. If the price gets below this trendline, then further drop towards the lower trendline is expected.
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