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Bearish corrections

22 November 2016, USD/JPY

Bearish corrections

Wave Analysis

Yesterday, the US Dollar fell but not with the same momentum with which it rose during the previous week. The current downward rally is a bit clumsy and should not go beyond 109.17 from where we'll be looking for potential low risk buy opportunities. This downward rally is a just correction of the impulsive waves (c) and should not continue further to the lower side in the long run. However, any clear developments below 109.03, may invalidate the anticipated long term upward rally and could lead to a possible bearish price movements towards 102.86. We hope to trade this pair alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current retracement to rebound from around 109.19, then go long with an ultimate target at 113.98.

Graham Osano
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