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Expect a plunge towards 107.25

Expect a plunge towards 107.25 | 29 November 2017

29 November 2017, USD/JPY

Expect a plunge towards 107.25

Wave Analysis:

For the past few day's we've seen an extension of the impulsive wave (E) to the lower side and is still pretty much bearish. During this intraday, we still expect a possible extension of the impulsive wave (E) to the lower side but should not go beyond 107.25. If this target is broken, then further drop is expected. With that in mind, as long as the price remains below 111.92, we only interested in short position with the first target at 109.20 and the next target at 107.25. There is a similar wave count in CADJPY, CHFJPY, NZDJPY, and AUDJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal.

Trade Recommendations:

Expect a plunge towards 107.25

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Bob Stan
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