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The US Dollar preparing to continue short

06 January 2017, USD/JPY

The US Dollar preparing to continue short

Wave Analysis:

As anticipated, the impulsive wave (c) traded massively short, hit our first take profit at 115.05, and is currently pulling back to the upper side. The daily chart is pretty much bearish and will likely push the price to the lower side for the better parts of this trading day, thus, instead of going long, we expect the current bullish rally on the 4H chart to be a mere correction and should not go beyond 116.28 from where we'll be looking for low risk sell opportunities. This long term downward rally is highly anticipated since the other negatively correlated pairs such as GBPUSD and EURUSD are pretty much bullish and will head to the upper side. As long as Euro and GBP are bullish, remain short in USDJPY.

Trade Recommendations:

Wait for minor retracements towards 116.28 then go short with an ultimate target at 113.99.

Graham Osano
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