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Bears encroaching the market but slowly

Bears encroaching the market but slowly | 05 December 2017

05 December 2017, USD/JPY

Bears encroaching the market but slowly

Wave Analysis:

Even after a massive correction to the upperside, the US Dollar is yet to pick a momentum to the lower side and still below the lower side trend line. We're still interested in a sell position this pair only if the price can rebound from the upper trend line. This being the case, we'll resell the impulsive wave (E) with our target along the lower trend line. But should the price rise above the upper trend line, the we expect a possible bullish price movements towards 121.00 and ultimately towards the monthly resistance 123.44. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY and GBPJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Sell the Us dollar upon a rebound from the upper trendline

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Bob Stan
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