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On the sidelines

07 December 2017, USD/JPY

Wave Analysis:

Just as in the cable, the US Dollar is yet to give us a clear direction. We expected a massive drop in price towards the lower trend line, but as it appears, this pair could pullback extensively before falling eventually. With that in mind, we're waiting for a clear sell signal, a clear rebound from the upper trend line. If this is the case, then we'll consider selling the impulsive wave (E) with an ultimate target at 107.25. Should the price break above the upper trend line, then the downward rally is invalidated, meaning we're still long towards 123.10 or even higher. 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.

Trade Recommendation:

Flat

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Graham Osano
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