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Expect a correction towards 111.76

24 November 2017, USD/JPY

Wave Analysis:

Earlier today, we're seeing a minor correction of the impulsive wave (E) to the upper side the the US Dollar remains bearish on the higher time frames. The highest place we expect this correction to reach is 111.76, so if you went short the day before yesterday, just remain short, if not, wait for the current correction to extend higher towards 111.76, then re-sell the impulsive wave (E) with an ultimate target along the lower trend line. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. 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 signal.

Trade Recommendations:

Expect a correction towards 111.76 then resell US Dollar towards the lower trendline.

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Graham Osano
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