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Correction mode

Correction mode | 04 January 2018

04 January 2018, USD/JPY

Correction mode

Wave Analysis

instead of continuing short as previously forecasted, the Us Dollar continues to correct itself upwards and may continue further upwards. We expect this upward rally to have been a mere correction and should not go beyond the upper trend line. We went short previously and is still holding onto this position, our expectations is that this pair should drop even further towards the lower trend line. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell the US dollar if the other pairs are giving the same signal.

Trade Recommendations:

We're still short towards 108.00

FreshForex cancels commissions!

Bob Stan
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