13 February 2017, USD/JPY
Wave Analysis:
Earlier today, the US Dollar gaped to the upper side and even ended up closing above the last trading day's highest high,113.84. Following this breakout, the pair retraced to the lower side but is currently stalling around a key short term support 113.68. Unless there's a clear close below this level, we expect a possible rebound from this level to go long with our target at 115.38. Any clear retracement below 113.68 will push the price further to the lower side but should not go beyond 112.67 from where we'll be looking to re-buy the green bar. This pair should be traded alongside CADJPY, AUDJPY, EURJPY and HKDJPY. These pairs will have a similar price action during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal
Trade Recommendations:
Expect a possible rebound around 113.68 to go long with an ideal target at 115.38. A clear break below this level will push price further to the lower side but should not go beyond 112.67.
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