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Possible double top formation of the daily chart

Possible double top formation of the daily chart | 04 January 2017

04 January 2017, USD/JPY

Possible double top formation of the daily chart

Wave Analysis:

As expected, the impulsive wave (5) traded massively long and even hit our target take profit level at 118.19 but could not close higher than 118.63. We expect the current bearish price rally on the 4H chart, to be a corrective three wave cycle with the last impulsive wave (c) ending around 116. This view can only be invalidated in case the corrective wave (b) extends higher than 118.59, if this is the case, then an acceleration to the upper side is inevitable. This pair have a strong positive correlation of up to +71% with NZDJPY, CADJPY and AUDJPY; These pairs will have a similar price action during this intraday. Only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We're short as long as the pair remains below 118.19. Buy positions are only recommede4d above the previous day's highest high, 118.59.

Bob Stan
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