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Flat | 06 March 2018

06 March 2018, USD/JPY

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Wave Analysis:

For few days ago, the impulsive wave (5) barely hit our target and is currently correcting itself to the upper side. We expect this upward movements to be a mere pullback and should not go beyond the weekly resistance level 107.55 where we'll be looking to resell the impulsive wave (5) towards 100.00. Should the price break above 107.55, then this will culminate into a possible bullish price movements, but should not go beyond the 108.55. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.

Trade Recommendations:

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