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Remain short

Remain short | 26 March 2018

26 March 2018, USD/JPY

Remain short

Wave Analysis:

During the previous trading day, the impulsive wave (5) extended a bit lower than expected, and is still pretty much bearish both on the daily and the weekly charts. Today and in the next few days, we expect a possible extension of the impulsive wave (5) to the lowerside but only after a correction towards 109.38. If you're not already short, you could wait for this correction to pick a short position. Alternatively, you could wait for a break below 104.25 to confirm a possible rally towards 100.00. This pair should be traded alongside CADJPY, NZDJPY and AUDJPY. These pairs will have a similar price action today.

Trade Recommendations:

Remain short with an ideal target at 100.00

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Bob Stan
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