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Bearish inside bar on the 4H chart

Bearish inside bar on the 4H chart | 09 March 2017

09 March 2017, USD/JPY

Bearish inside bar on the 4H chart

Wave Analysis:

As expected, the US Dollar rebounded perfectly from the support level 113.66, headed long and even hit our take profit at 114.44. However, earlier today, the pair retraced to the lower side and ended up forming an inside bar closing above 144.44. As long as the pair remains above this level, we expect an acceleration to the upper side towards 118.00 and could break higher. This view can only be rendered futile in case the pair end up below 114.35, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in CADJPY, NZDJPY and HKDJPY. These pairs will have a similar price action during this intraday.

Trade Recommendations:

Remain flat momentarily and only buy above 114.72 with an ideal target at 118.00

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Bob Stan
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