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bears eyeing a possible break below 112.58 to continue short

bears eyeing a possible break below 112.58 to continue short | 06 February 2017

06 February 2017, USD/JPY

bears eyeing a possible break below 112.58 to continue short
Wave Analysis:
During the previous trading day on Feb 3rd 2017, the Us Dollar openned at 112.83, went as high as 113.46 but ended up closing at 112.59, just a few pips above a key daily support at 112.58. Although the previous day's candle is pretty much bearish and could push the price further to the lowerside, we're only interested in going short upon a clear break out below 112.58, if this is the case, then we'll execute sell orders with an ultimate target at 110.39. However, as long as this level protects any invasion to the lower, we expect a possible rebound from this level to go long. Expect an exact similar price action CADJPY, USDCHF and NZDJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action.

Trade Recommendations:

Wait for a clear break below 112.58 to go short with an ideal target at 110.39. Any clear rebound from this level may push the price to the upperside.

Bob Stan
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