Expect a possible bearish momentum

17 November 2017, USD/JPY

Wave Analysis:

Perfectly as previously forecasted, the impulsive wave (E) corrected it self slightly to the upper side but has currently picked a momentum to the lower side. During this intraday, we're expecting a possible extension of the impulsive wave (E) to the lower side but should not go beyond 107.45. Ideally, as long as the price remains below the upper trend line, we expect a possible momentum to the lower side, thus, only short position can be recommended. This pair should be traded alongside CADJPY, AUDJPY, CHFJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell the US Dollar if the other pairs are giving the same direction.

Trade Recommendations:

Expect a possible bearish momentum towards 107.45

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Graham Osano
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