22 February 2017, USD/JPY
Wave Analysis:
Instead of continuing long as expected, the US Dollar merely tested the highs of 113.73 and is currently pulling back to the lower side. We expect this downward rally to be a mere retracements as long as it remains above 112.78, any clear break below 112.48 will mean the previous week's bearish pin bar, on the weekly chart , is maturing and will likely push the price further to the lower side towards 110.43 but should not go beyond 106.84. A clear rebound from 112.78 will mean we're continuing long with impulsive wave (c) but should not beyond 116.38. Expect a similar price action in USDCHF, CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +93% and will have a similar price action during this intraday. Only buy or sell the US Dollar if the other positively correlated are giving the same signal.
Trade Recommendations:
Wait for the current bearish pullback to end around 112.78 to go long with an ideal target at 116.38. Sell positions are only ideal below 112.59 with the first target at 110.41 and the next target at 106.84.
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