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Corrections | 27 November 2017

27 November 2017, USD/JPY

Corrections

Wave Analysis:

During the previous trading day, we saw a slight correction of the impulsive wave (E) to the upper side but we're still below 111.92. Overall, this pair is very bearish and this upward rally is a mere correction and should not be bought. Thus, we're waiting for the current correction to end around 111.92, then we'll re-sell the impulsive wave (E), with our target still intact at 108.50. This view will only be invalidated in case the price breaks above the upper trend line, if this is the case, then further momentum towards 118.00 is expected. This pair should be traded alongside AUDJPY, NZDJPY and CADJPY. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Corrections, remain flat but wait for a sell

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Bob Stan
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