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Expect a momentum to the lowerside

08 September 2016, USD/JPY

Expect a momentum to the lowerside

Wave Analysis:

As previously forecasted, the corrective wave (b) ended around 101.91 and could not close any higher. We expect the current downward rally to be the unfolding of the impulsive wave (c) but should not go beyond 100.23. A clear breakout below this level may push the price further to the lowerside with the next target at 99.03. Expect an exact a similar scenario in NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action today.

Trade Recommendations:

we are short from 101.92 with an ideal target at 100.23.

Graham Osano
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