03 November 2016, USD/JPY
Yesterday, the impulsive wave (c) traded lower than expected and even broke below the 100.0 Fib level. We expect to continue short towards 161.8 fib level or even lower. A key daily support level can be seen at $101.72 and a key daily resistance at $104.01. Any clear breakout below $101.72 will mean we're continuing short while a clear rebound from this support level will culminate into a possible bullish price movements towards $103.24. We hope to trade this pair along side USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +74% and will have similar price action during this intraday.
Recommendations with ideal target at $101.72.
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