23 January 2017, USD/JPY
Wave Analysis:
Earlier today, the US Dollar gaped to the lower side, broke below 114.01 and is still showing signs of possible momentum to the lower side . This is a key level and as long as it protects any invasion to the upper side, we expect a further bearish momentum. The anticipated bearish movement is the continuation of the impulsive wave (c) towards 112.54. A break below this will push the price further to the lowers side but should not go beyond 111. This view can only be nullified in case the pair end up breaking above 114.01, if this is the case, then an acceleration to the upper side will be unavoidable. This is, however, highly unlikely since the other positively correlated pairs such as CADJPY, NZDJPY are giving the same signal and will likely head to the lower side during this intraday. Only buy or sell US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
As long as the level 114.01 protects the upper side, look for potential sell signals with the first target at 112.54 and the next target at 111.
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