27 January 2017, USD/JPY
Wave Analysis:
As previous forecasted, the impulsive wave (c) traded massively long after breaking above 114.02 but is yet to hit our target TP at 115.3. We still expect further momentum towards this target or even a possible break above it. But as long as this level,115.3, protects the upper side, we expect a possible rebound from level to go short towards 114.02; Any clear breach of this level ,115.3, will call for a breakout trading with the next ideal target at 116.16. Expect a similar wave count in HKDJPY, CADJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +72% and will have a similar price action during this intraday. Only buy or sell USDJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
Conservative traders should wait and buy above 115.3. Sell positions may only be recommended upon a clear rebound from 115.3 or below 114.03.
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